To ensure a project is adequately protected and delivered, those involved have contractual obligations to place an insurance programme.

To optimise their risk management, participants need to consider insurance and risk matters at the beginning of a project, rather than in the latter stages.

Critical questions you need to consider

• Have you considered that greater thought devoted to risk and insurance can help you become a more competitive bidder in new projects?

• Are you aware of new guidance that stipulates the placement of insurance earlier in the deal process?

• Have you assessed which risks can be placed in the conventional insurance market and those which cannot?

• In contracts that run for tens of years, have you effectively considered the possibility that risks can become uninsurable and premiums can dramatically rise, and how these exposures can be best managed within the new guidance framework?

• Do you have a Business Continuity Plan for your project?