PHILADELPHIA--(BUSINESS WIRE)--
ACE Group today announced the release of a new white paper exploring
opportunities for construction companies to expand into global markets
and the importance of adhering to local regulatory requirements through
a focused approach of proper loss controls and the implementation of a
well-structured global insurance program. The report also provides
construction companies with guidance on implementing an insurance
program that provides consistent coverage service, and the flexibility
needed to operate locally and globally to ensure long-term successful
projects.
“Global Construction: International Opportunities, Local Risk - Building
a Multinational Insurance Program for Contractors,” was authored by
Geoffrey Hall, Senior Vice President, ACE Construction, William
Hazelton, Executive Vice President, ACE Construction Industry Practice
Leader, and Bryan Tedford, Executive Vice President, ACE Foreign
Casualty.
“In today’s global marketplace, international construction projects have
presented contractors with a number of new growth opportunities,” said
Mr. Hazelton. “Securing the right insurance coverage across multiple
borders can play a crucial role in the overall success of these global
projects. ACE’s Construction Industry Practice has developed this report
to provide useful information to help contractors build a better
multinational insurance program and mitigate potential exposures.”
The report emphasizes the need for construction companies to ensure
continuity of insurance coverage across borders before expanding their
global reach. According to Mr. Tedford, “Construction companies should
consider a mix of local policies in the individual countries they are
working in, combined with a global controlled master program in their
home market to ensure that insurance complies with local laws. Doing
this can help assure that the overall program provides consistent
coverage across all operations and addresses gaps in conditions and
limits.”
The report also discusses various emerging risks in the global
construction sector such as merger and acquisitions and public-private
partnerships. “With the current growth of construction projects in
emerging markets there are a number of growing risk factors,” said Mr.
Hall. “Regardless of where the activity takes place, construction
companies need to work with their carrier to best prepare for evolving
risks by assembling an insurance program that can provide consistent
insurance coverage and services across borders and maintain a proactive
risk management strategy.”
To access the report, please visit
our website. The material presented in this report is not intended
to provide legal or other expert advice. It is presented for
informational purposes only. Readers should consult legal counsel or
other experts, as applicable, with any specific questions they may have.
ACE’s Construction Industry Practice consists of business units that
offer a broad suite of products and services including:
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Workers Compensation, General Liability & Automobile Liability Risk
Transfer
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Environmental, including Contractors Pollution Liability & Contractors
Professional Liability
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Inland Marine, including Builders Risk & Contractors Equipment
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International Casualty Enterprise & Package Solutions, including
Defense Base Act Workers Compensation
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Umbrella/ Excess
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Wrap Ups & other project-specific programs
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Specialty Construction Claims
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Construction Risk Management Services
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Surety
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Professional Liability for architects and engineers, construction
managers, and trade contractors
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Public and Private company D&O, EPLI, Fidelity, and Fiduciary Liability
Insurance is provided by insurance companies within ACE Group. All
products may not be available in all jurisdictions. The product
information above is a summary only. The insurance policy actually
issued contains the terms and limits of the contract. For more
information about ACE’s Construction Industry Practice and its range of
products and services, please visit
our website.
ACE USA is the U.S.-retailed focused business of ACE Group. Additional
information on ACE USA and its products and services can be found at www.acegroup.com/us.
ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 54 countries, ACE provides commercial and
personal property and casualty insurance, personal accident supplemental
health insurance, reinsurance, and life insurance to a diverse group of
clients. ACE Limited, the parent company of ACE Group, is listed on the
New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500
index. Additional information can be found at www.acegroup.com
or follow ACE on Twitter, at https://twitter.com/ACE_GroupNA.
Source: ACE Group