"BAA pioneers project insurance"

Friday, November 1, 2002

BAA pioneers project insurance
Airport operator BAA is to use project-based insurance for its Terminal
5 project at Heathrow
United Kingdom - The London Financial Times


Insurance provider Zurich is understood to have seconded two engineers
to BAA's project team to advise on risk. BAA said the move would mean
that, rather than the suppliers and contractors on Terminal 5 getting
their own insurance, BAA would draw it all together. "It's consistent
with our partnering approach, and it's cost-effective," it said 

Sir John Egan, former chairman of the strategic forum and chief
executive of BAA, welcomed the move, which he recommended in his
Accelerating Change report, the follow up to Rethinking Construction
published in September. He said: "I'm hoping that fully integrated team
planning will encourage the insurance industry to insure the product."
Zara Lamont, chief executive of the Confederation of Construction
Clients, backed the decision. She said: "The key will be to demonstrate
to insurers that an integrated team works."


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