The largest project insurance policy has been completed for the £6.2 billion M25 widening scheme covering all parties involved up to a policy limit of £25 million.
The construction division of Jardine Lloyd Thompson has completed the insurance placement for the M25 contract on behalf Connect Plus, the consortium which has been awarded the contract by the Highways Agency.
The exclusive facility provides 10 year non cancellable insurance covering the professional liabilities associated with the project and is on of the largest. single project professional indemnity programmes ever.
The policy includes material damage insurance for the existing road and infrastructure, business interruption insurance, construction all risks for new works, advance loss of profits insurance, public liability insurance (for all parties including the road operator and building contractor) and environmental insurance.
JLT construction division managing director Paul Knowles said: “JLT is delighted to be involved with the largest UK Public Private Partnership deal signed in the last 24 months.
“Our role has included providing insurance advice to Connect Plus throughout the bidding and final negotiations of the deal, as well as arranging all the necessary insurances to satisfy both the Highways Agency and the requirements of the commercial banks involved.”
Connect Plus - a consortium made up of Balfour Beatty (40 per cent), Skanska (40 per cent), Atkins (10 per cent) and Egis Projects SA (10 per cent) - reached financial close on the £6.2 billion deal on 20 May.