In many construction contracts the prime contractor carries significant liability in relation to liquidated damages incurred as a result of failure to meet performance guarantees and/or completion dates.
Liquidated Damages insurance is designed to provide protection to the prime contractor against liquidated damages payments. Coverage may include errors and omissions on the part of the prime contractor (including its sub-contractors and/or suppliers) and other causes for which the prime contractor is not entitled to relief or excuse under the design/build contract.
Coverage is available to design/build engineering and construction companies involved in power generation, oil and gas, water treatment, highway construction and other major infrastructure projects.
In this highly specialised sector our experience and capability is exceptional, and our knowledge of the global market invaluable in obtaining suitable coverage on these complex risks.