JLT highlights insurance angles

The paper has been produced to guide and advice those who are looking to explain their understanding of how insurance can interact with port and terminal developments.

Stephen Leeming, co-author of the paper, told Port Strategy: “The key purpose of the paper is to judge approaches, but to document some of the considerations that need to be given when approaching risk apportionment in different ways.”

“As well as advising on how the insurance sector can contribute to the wider developments,” he added.

It is structured in two parts to focus on the different insurance specialisms; construction, from concept stage and operation, including aspects of exposure which overlap with construction.

From an insurance perspective, there can be a significant overlap of these two areas of risk specialisms and careful integration of appropriate policies is necessary to address the potential exposures this creates.

Mr Leeming continued: “Timing was co-incidental, it has merely been from a coming together of thoughts. That being said, the volume of planned port and terminal investment does make the paper release timely.”

The paper can be downloaded from the JLT website.

“Andrew (Webster, co-author) have been working collaboratively in the sector for a number of years now and have learnt a lot of lessons from each other as well as others,” added Mr Leeming.

Speaking about why the paper was released, he concluded: “The common conception that we have developed is that the understanding of risk apportionment varies from stakeholder to stakeholder.”

“That consensus of approaches doesn’t seem to be captured anywhere in the public domain.”