Product to offer cover for PFI contracts
ACE has launched ACE PFI (Private Finance Initiative), a fully integrated insurance solution providing comprehensive cover and risk management advice for all aspects of a PFI project, from construction through to commissioning, handover and the resultant operational risks.
ACE PFI combines the company’s existing expertise in key PFI areas, such as construction, with other key lines including marine and environmental liability. It offers brokers and Project Managers the option of using a single insurance provider.
Alistair Macintyre, ACE’s UK & Ireland product development manager, said: “PFI contracts often involve very large values and consequently require significant capacity.
"It is important that both brokers and insurers have an in-depth knowledge of the specific duties imposed on them by PFI contracts and a sound understanding of the construction process and operational risks presented.
“In the past PFI insurance solutions have been heavily focused on construction risks. However, the influence of EU legislation in areas such as environmental liability has a direct impact on those involved in PFI projects.
“With ACE PFI we have harnessed our underwriting experience in construction risks and the PFI sector to develop a holistic solution for a market where, until now, this has been lacking.
"By having one insurance provider, brokers and clients benefit from a reduction in the likelihood of any gaps in cover, better continuity and service value.
“The PFI market is uniquely challenging in terms of its complexity and scale. ACE PFI is designed to offer a comprehensive and flexible insurance solution which will satisfy the exacting demands of the PFI contract, as well as the needs of the broker, insured and financier.”