In June, Swiss reinsurance broker Reunion held its fourth annual round table discussion—this year in St Petersburg, Russia. The 2014 discussion focused on the coverage of engineering and construction risks in Russia. What follows is a snapshot of a part of the discussion which focused on construction and erection risks and delayed start-up coverage.
The issue of the insurance of construction and erection risks prompted a lively debate at this round table session organised by Swiss reinsurance broker Reunion in St Petersburg, Russia. It was followed by a session on delayed start-up coverage.
The first speaker was Denis Nikolaytsev, senior underwriter engineering at Allianz Global Corporate & Specialty, Moscow. He covered the insurance of construction and erection risks.
Nikolaytsev discussed the standard definitions and wordings of clauses and endorsements in different types of policy. He said that the industry is changing in the sense that brokers, insurers and reinsurers are all increasingly designing more tailor-made or special clauses or endorsements depending on the type of risk and the particular situation.
Construction risks, Russia, Reunion, roundtable, Cunningham Lindsey