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PPP / PFI

Public Private Partnerships and Private Finance Initiative

If you are bidding for a major PPP / PFI project, your insurance considerations are many and varied.

Although much of the market accepts standard lender and authority requirements, certain authorities can have onerous requirements. Lenders may also require assurances as to the security of your insurers.

Specific sectors and activities also give rise to their own set of risks. Hospitals and educational establishments, for example, have many unique insurance requirements. Similarly, to obtain the best insurance deal for tunnelling, contractors are required to submit full details and demonstrate compliance with the tunnelling code of practice.

Furthermore, the competitive nature of PPP / PFI projects is such that bids are required to be more developed at the early stages than ever before, which can add to your costs. You will typically need to price insurance costs over a 25-year period as an annual amount from day one. This can, of course, leave you exposed in the event of rising premiums - something that JLT can minimise through premium sharing agreements and/or contingency.

By committing resources and taking a proactive approach from an early stage, JLT can help you achieve the best possible insurance cover. And, where possible, we can bundle projects together under the aegis of one common shareholder to obtain maximum discounts by offering insurers a portfolio of premium and risk.

We have developed our services to assist you at every stage of the project. They include:

• bid support
• portfolio management
• advice on insurance aspects of contracts
• insurance manuals
• site visits/surgeries
• placement of required insurances
• issue of Broker's Letters of Undertaking
• drafting of bespoke policy wordings.

With experience on over 353 projects with a total value of £23.45bn, the JLT team, the largest of its kind, can offer you market-leading private sector advice with an emphasis on quality service and innovation.