PHILADELPHIA--(BUSINESS WIRE)--
ACE
Group today released a new advisory that examines the environmental
risks facing U.S. contractors pursuing international construction
projects. Rapidly increasing international demand for building
construction and infrastructure development presents significant growth
opportunities for the U.S. construction industry, as nearly $57 trillion
in infrastructure investment will be needed globally through 2030 to
keep pace with economic growth, estimated the McKinsey Global Institute1.
The ACE advisory addresses the importance of contractor’s assessment and
adherence to environmental regulations in the international countries in
which they operate. Additionally, it discusses securing an insurance
program that provides consistent coverage, service, and flexibility
needed to operate locally and globally.
“Meeting
the Challenges of Environmental Risks in International Construction,”
was co-authored by William Hazelton, Executive Vice President, ACE
Environmental Risk and ACE Construction Industry Practice Leader, and
Diana Eichfeld, Assistant Vice President, ACE Environmental Risk. This
advisory is the latest installment in ACE’s series of insurance and risk
management perspectives for risk managers.
The growing international demand for new buildings and infrastructure
presents significant opportunities for U.S. contractors looking to
expand their reach in both emerging and developed nations. In Brazil,
new infrastructure was created for the 2014 World Cup in addition to the
multitude of construction projects related to the 2016 Summer Olympic
Games. In developed nations, such as Canada, infrastructure improvement
projects such as pipeline expansions are being developed and implemented.
“International construction opportunities are opening up new avenues of
growth for U.S. contractors, but at the same time, contractors need to
be aware of potential environmental risks that can stem from cross
border projects,” observed Ms. Eichfeld. “To ensure U.S. contractors
comply with international regulations and requirements, ACE’s
Construction Industry Practice works with each client to develop a
comprehensive risk management strategy that addresses potential key
construction and environmental exposures. Additionally, the practice
helps assure our clients have the appropriate insurance programs is in
place for both domestic and international projects. ”
Key highlights from the ACE Advisory include:
-
Growth impact of international construction opportunities for U.S.
contractors with specific emphasis on cross border environmental risks
and challenges
-
Consideration of environmental regulations and assurance projects
comply with local laws and customs
-
Risk management considerations for U.S. contractors, including review
of insurance programs to ensure compliance with local insurance
coverage requirements
To read the full advisory, click
here. For more information about ACE’s Construction Industry
Practice and its range of product and services 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 use only. Readers should consult legal counsel or other
technical experts, as applicable, to answer any specific questions they
may have.
About ACE Group
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 and
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, https://twitter.com/ACEGroupNA.
1. McKinsey Global Institute. How to Save $1 trillion a Year: http://www.mckinsey.com/insights/engineering_construction/infrastructure_productivity
Source: ACE Group