Tunnel Projects: Risks Exposure, Risk Management and Insurance Coverage – A realistic roadmap
Risk is inextricably related to every underground and tunnel project. This contribution elaborates on the tunnel’s whole construction cycle, discussing the paths followed from the analysis of the initial risk exposures until the placement of a bespoke insurance policy. The most prominent tunnel failure causes and hazard sources are explored, together with their consequential economic and financial impacts. The irreplaceable contribution of risk engineering and its inherent linkage with the project’s insurability is discussed on the basis of a pro-active approach that encompasses both early and continuous involvement of an experienced risk engineer throughout the whole construction period of a project. The positive outcomes in terms of potential tangible benefits incorporated into the construction insurance policies are presented. Their particularities are discussed emphasizing on the current market trends and the explicit benefits gained from bespoke manuscript policy coverages.