Construction Industry Group Contacts
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Understand, collaborate & continuously innovate
Our Construction Industry Group focuses intensely on the current and future needs of construction businesses. We direct our research and insight capabilities to understand their challenges and opportunities and we’ll partner with our clients and brokers to create tailored and distinctive value propositions. Meanwhile we will continuously enhance our products and services for the construction sector especially around its emerging exposures. All this is underpinned by our long-term industry commitment: to understand, to collaborate and to continuously innovate.
We target all types of construction projects across the globe, specialising in major projects.
We can offer products for all stages of the project lifecycle, from design to operation with some of the highest available limits. These include Contractors All Risks cover, General Liability, Property, Surety and Marine Transit coverages, as well as Single Project Professional Indemnity protection and coverage for Environmental and Cyber exposures.
Every construction product we sell is underpinned by the skill and expertise of our claims teams - delivering the right expertise at the right time. We advance 50% of the agreed property damage estimate on large Property losses throughout the world to help our clients‘ cash flow.
As the construction sector rapidly expands globally, the AIG’s Global Network means that when our construction clients enter a new market the chances are that we are already there. We can help navigate local risks with certainty and simplify the complexity of multinational projects that require global coordination, wherever in the world they might be.
We have market leading specialist construction underwriters across multiple lines of business. This enables rapid decision making for new business and renewals as well as powerful capabilities for the increasing numbers of Public-Private Partnership infrastructure projects via our London broker construction centre.
We’ve got outstanding construction industry expertise and one of the world’s largest construction insurance practices and have led some of the world’s largest and most challenging construction projects. Our loss prevention engineers have advised construction clients worldwide and the Construction Advisory Boards we run are valuable forums for Construction industry executives.
Our research shows the importance that clients and brokers attach to having a strong, reliable, brand behind their construction projects. AIG is a leading, financially robust, global insurance organisation, serving thousands of commercial, institutional clients and
millions of individuals throughout the world.
We have extensive support services, data modelling and analytics capabilities available to clients. Using these tools we can assess and evaluate many areas of clients’ risk including supply chain exposures and threats to business continuity, helping owners and contractors better understand the nature of their current and potential exposures and develop optimum risk control strategies.
Our industry groups direct our research and insights capabilities to help us better understand each sector’s current and emerging needs. Here is a brief summary of some of the initial issues raised by construction brokers during in depth interviews carried out in April 2017 that we will be exploring further in our ongoing research programme.
Brokers told us that project cover solutions covering the inception and operational as well as project build stages are areas of differentiation for broker and carriers. This is being driven by the increased complexity of building projects and a view that end clients and contractor want more protection across the project lifecycle.
Although contractors and brokers continue to push for lower project premium to reduce cover costs, multiline solutions can appeal where they mitigate against the cost of project delay and third party risks. Managing project costs is a key consideration for contractors. Therefore multiline solutions must resonate with this need or risk being rejected as unnecessary cost increases.
Access to a hub of specialist and expert underwriters is seen as a critical capability key to quick decision making and good service delivery for new business as well as renewals. Likewise accessible and specialist Claims experts with the authority to act are a cornerstone of a good claims experience. The contractual demands of the project stages underpin the importance of the speed and efficiency of the claims process.
Having certainty about what and when triggers pay the claim can help contractors manage cash flow in the event of project delay. It also reassures project creditors by giving clarity around the claims process and that claims are more likely to be settled quickly.
Brokers report contractors tend to have the necessary risk consulting services in house; which they in turn can support. Insurers have an opportunity to complement contractor, as well as broker capabilities, with additional underwriting and claims insights that can help manage project risks.