Lockton Global Energy provides professional, cost-effective risk transfer and insurance solutions for our clients in the energy industry

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Construction

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Your strategic partner for risk management and insurance services

In the construction sector, risk creates uncertainty that can increase costs, erode stakeholder confidence and hinder the delivery of project goals. Our risk management strategy is designed to reduce this uncertainty, giving your business a competitive advantage.

As the Middle East and North Africa continue to invest in the expansion of their cities and economies grow stronger, our portfolio of construction projects increases and diversifies further including large industrial, retail and residential construction projects, energy projects, power generation projects (including nuclear and renewable energy).

What we bring to your business

  • Our team will work closely with you to put forward a creative approach to leverage markets and optimize coverage at the most competitive terms.

  • At Lockton, we believe one of the most important aspects of construction insurance is the quality of your submission. We use our expertise and knowledge of the market to guide you in the best way to present your business to underwriters.

  • We take pride in our relationships with underwriters throughout the global marketplace. This allows us to negotiate directly with the insurers that have the corresponding expertise and knowledge in the appropriate territory so we are able to obtain the best deal for you.

  • Through transparency, professionalism and commitment, Lockton in MENA strives to achieve the best coverage possible for our clients using the expertise and widespan of our regional and international offices.

Our services and areas of expertise

The range of services we offer includes:

  • Construction All risks, Erection All Risks, Contractors Plant and Machinery liabilities

  • Delay in Start Up

  • Project Cargo

  • Project Professional Liability

  • Owner Controlled Insurance Programme (OCIP)

  • Contractor programme

  • Project finance transactions

  • Package policies (construction plus 1st year operations) 

  • Risk management advice and guidance including Delay in Start Up (DSU) Study

Key Contacts

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Naji Abboud

Head of Facultative
Naji.Abboud@mena.lockton.com
+971 56 696 6785

General Inquiries

General Enquiries

contact@mena.lockton.com

Latest news and insights

High inflation has contributed to soaring reconstruction costs in real estate. This inflation is intertwined with high demand, supply chain issues, labour shortages, and expensive energy. Indexation can help keeping sums insured aligned with actual replacement costs, preventing insurance payouts from failing to cover the full costs of a loss event. How indexation helps to prevent underinsurance in real estate

How indexation helps to prevent underinsurance in real estate

article
High inflation has contributed to soaring reconstruction costs in real estate. This inflation is intertwined with high demand, supply chain issues, labour shortages, and expensive energy. Indexation can help keeping sums insured aligned with actual replacement ...
Read moreHow indexation helps to prevent underinsurance in real estate

Recent events create volatility for terrorism insurance

The global terrorism and political violence market has experienced increased volatility in recent years. Civil unrest in Chile, Hong Kong and South Africa generated significant losses. This was further compounded by the Russian invasion of Ukraine. In response, the market hardened quickly: insurers pushed for higher rates to offset losses, imposed more restrictive terms and adjusted their risk selection approach. Sublimits that had been available for extensions like “contingent business interruption”, “unnamed suppliers”, “service interruption” and “miscellaneous unnamed locations” were commonly excluded, as renewal negotiations became more protracted.The global terrorism and political violence market has experienced increased volatility in recent years. Civil unrest in Chile, Hong Kong and South Africa generated significant losses. This was further compounded by the Russian invasion of Ukraine. In response, the market hardened quickly: insurers pushed for higher rates to offset losses, imposed more restrictive terms and adjusted their risk selection approach. Sublimits that had been available for extensions like “contingent business interruption”, “unnamed suppliers”, “service interruption” and “miscellaneous unnamed locations” were commonly excluded, as renewal negotiations became more protracted.

Economic uncertainty increases cash flow risk for suppliers

A slowing economy, changing consumer patterns, increasing debt servicing costs, and tight margins are impacting the financial health of all businesses regardless of size. If their payment discipline declines, this can have devastating consequences for suppliers. A slowing economy, changing consumer patterns, increasing debt servicing costs, and tight margins are impacting the financial health of all businesses regardless of size. If their payment discipline declines, this can have devastating consequences for suppliers.

Protecting construction projects against contractor failure

The failure of a contractor or key subcontractor during the construction period can have severe consequences for the developer or main contractor, potentially causing delays and reputational harm or leading to damage to incomplete works and materials. Amid challenging economic climate extra steps need to be taken to prepare for such a scenario. This briefing note reviews the key issues from the developer’s perspective. However, where there is an insolvency case in the supply chain many of the issues and remedies discussed herein apply equally from a main contractor’s perspective.The failure of a contractor or key subcontractor during the construction period can have severe consequences for the developer or main contractor, potentially causing delays and reputational harm or leading to damage to incomplete works and materials. Amid challenging economic climate extra steps need to be taken to prepare for such a scenario. This briefing note reviews the key issues from the developer’s perspective. However, where there is an insolvency case in the supply chain many of the issues and remedies discussed herein apply equally from a main contractor’s perspective.
See all news and insights