Delay in Start-Up Insurance: a new book from the Insurance Institute of London
This publication is the work of a compact team of hand-picked market experts representing all sides of the industry and is essential reading for those interested in or who wish to increase their knowledge of Delay in Start-up Insurance - DSU (re)insurance.
Since the publication of 'Insurance of Revenue for Projects Under Construction’ (RS254) in 2003, DSU has evolved in the intervening years until now, with a considerable number of projects of varying scales and types being insured around the world.
DSU is intrinsically linked to Construction Insurance, Marine Cargo Insurance, and Business Interruption Insurance, each of which is a complex class of insurance, and DSU represents an even more complicated and often challenging type of insurance. Whilst considerable experience may have been gained by some market practitioners and buyers of DSU insurance over the years, it remains an area where some fundamental misconceptions, misunderstandings and gaps in knowledge continue to persist within the insurance industry.
A need for an improved in-depth understanding of DSU shows itself during the underwriting process and, even more significantly, after an incident that gives rise or might give rise to a claim. This publication provides its readers with material, explanations and guidance designed to overcome such shortcomings in understanding DSU in practice. By its structure, it is aimed at all market practitioners and their clients, regardless of their present level of experience.
While many of the main principles set out in the original publication remain valid, this new one, with its simpler title, tackles some key subjects in greater depth, and a number of topics are specifically addressed for the first time.
Areas that commonly reveal a need for an enhanced understanding of DSU are dealt with more comprehensively in their dedicated chapters. Examples of these are increased cost of working, liquidated damages, defects, Marine Cargo/CAR loss sharing and extending the period of insurance. Analysis of delay is another area addressed more comprehensively and some specific reinsurance topics are discussed in their respective new chapters.
- Understanding DSU coverage and how it operates
- Interface with contractors all risks, project cargo and annual business interruption insurances
- Analysis of delay(s)
Delay in Start-Up Insurance, RS254B can be purchased here.
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