Mega construction projects have become a driving force for economic growth and urban development in the Middle East and Africa. Iconic endeavours like the Dubai Creek Tower, Burj Binghatti, and Dubai's Urban Tech District are setting new benchmarks in terms of innovation and scale. However, these ambitious undertakings come with significant risks. The role of insurance in such projects is critical, ensuring that risks are managed effectively from the planning phase through to completion. From natural disasters to political instability — these risks must be assessed and mitigated.
The importance of specialised insurance policies, such as Construction All Risk (CAR), Delay in Start-Up (DSU), Professional Indemnity (PI), and Environmental Liability, is emphasised, as these projects are often susceptible to a range of specific hazards that standard insurance policies may not fully cover.
To navigate the challenges inherent in mega construction projects, proactive risk management is essential. Early engagement with insurance brokers, thorough risk assessments, and robust contract management are crucial to ensuring projects are adequately protected.
In our latest article, we delve into the complexities of insuring mega construction projects:
- Key risks associated with mega construction projects
- Common pain points for project stakeholders
- Specialist insurance options
- Proactive measures to mitigate risk
Read our paper to learn more.
