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  Underground Projects: Insurance coverage, Insurance market trends and risk cost reduction through proactive risk management

  All civil engineering project, and more specifically the large underground schemes, are prone to inherent risks which have the potential to cause substantial losses when are realized. some of these risks can be transferred, in the form of insurance, whilst others exceed the insurance coverage scope. The present contribution elaborates on the insurance market particulars, with emphasis on the available provided coverage and corresponding limitations and restrictions. The tangible benefits of a bespoke, project-specific and well-engineered insurance policy are highlighted in combination with the current insurance market trends on a realistic and veritable framework. Due to the extensive participation and exposure of all major project stakeholders, the reduction of the cost of risk becomes vital and of utmost priority. The essential role of a proactive risk engineering management is presented, as manifested ultimately through the achievable reduction of the total cost of risk.

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