Also available as Takaful
All of our risk management solutions are available as Sharia'h compliant Takaful. Speak to our specialist Takaful consultants today.Get in touch
wherever you are
Howden has offices in 30 countries and a network of partners in more than 60 locations. Whether you’re a multinational looking for a broker that’s truly global, or a smaller business looking to insure your local needs, we can help you.
With a collective experience of over 100 years, the Howden Malaysia team are deeply experienced in handling large and specialised risks presented by high-value contracts.
We are a key risk advisor on mega-projects in every major industry: infrastructure, power, energy, port, mixed development and many more.
We also have in-depth global experience of Private Finance Initiative (PFI) projects and their stringent contractual requirements around risk management.
An “All Risks” policy covers all risks, except those specifically and explicitly excluded.
The main categories of risk CAR covers are:
CAR covers almost any sudden and unforeseen physical loss or damage occurring to the contract works/property/items insured, during the period of insurance (except as specifically excluded in the policy, see below).
The insurance also covers liabilities when you become legally liable to pay damages due to:
All insurance policies by their very nature have exclusions; it is your broker's job to ensure that any exclusions are accounted for in other policies or at the very least, you are fully aware of what you aren't covered for.
For more comprehensive protection
A form of property insurance that covers structures and materials associated with the job in the event of damage.
Covers the cost of consultants required to help rectify damage to the contract works. For example, architects or surveyors.
If you have an accident that pollutes land, air or water or harms natural resources and/or biodiversity, the clean-up can land you with a huge bill.
Environmental liability insurance is there to cover the costs of restoring the equilibrium.
Typically used by property developers and building contractors, to protect them against damage caused by defective design or workmanship that is undiscovered until later.
Latent defects insurance covers costs associated with remedial work. The policy can be used up to 12 years after the job’s completion.
Construction professional indemnity
Construction professional indemnity protects you from claims made in the event of negligent work, giving poor advice or errors and omissions.
Call and speak to a broker about getting a bespoke package to meet your needs precisely.
Bolt-on protection for maximum reassurance
Delays in start-up
Sometimes called “advanced loss in profits insurance”, delay in start-up insurance protects against loss of revenue resulting from damage to works and structures that causes a delay in completing the project.
Primary contractors can find themselves liable to pay damages to subcontractors if the project is delayed. A ‘no damage delays’ clause transfers this risk (subject to certain conditions. For example, delaying on purpose is excluded).
Recover the costs of preparing and presenting claims
Claims preparation clauses cover reasonable and supportable costs of getting a claim ready, including consultants and expert witness fees.
Where large claims are involved, there can be considerable costs involved in getting the required information and supporting evidence together.
Many people believe that this is the work of the loss adjuster, but, in fact, that’s a common misconception. Loss adjusters work on behalf of the insurance company, appraising and adjusting the claims presented to them.
Expert claims preparation adds significant value for the larger, more complex claims, and as such is an important consideration for construction and engineering companies.
Often, this can involve engaging an external consultant to help. Often they will turn to their existing trusted advisors, e.g. their accountant and insurance broker.
Where this incurs a fee, the claims preparation clause will activate and allow you to recoup the costs.
Working in conjunction with your bid team, we design a holistic program structure covering the full suite of risks, minimising gaps and at the same time, achieving the economies of scale that come with a comprehensive program.
We can design a consolidated insurance program (CIP) that “wraps up” coverage for all the risks you and your partners face.
We can design risk management and insurance to be:
We then support in the day-to-day management
Ongoing program monitoring is crucial to ensure there are no gaps of cover in the event of delay/ phase handover or other issues that can inevitably arise during the construction period.
We have servicing milestone and/or service level agreements depending on the project and insured’s requirement.