Heath appointed as the insurance advisor for Transport Scotland's Borders Railway Project
Heath Lambert’s specialist project risks team has been appointed as the insurance advisor for Transport Scotland’s Borders Railway Project.
The rail scheme will be the first Design Build Finance and Maintain (DBFM) Railway in the UK and delivered with private sector funding utilising the Non-Profit Distributing (NPD) model.
The £235m to £295m project will deliver a fast and efficient public transport link, from the existing Newcraighall station in Edinburgh for 49 km through Midlothian to Tweedbank in the Scottish Borders and will create seven new stations.
Heath Lambert will be responsible for advising on insurance matters including the development of the insurance strategy for the construction and operation of the planned 33-year DBFM concession scheme and supporting Transport Scotland during the Competitive Dialogue procurement process.
Mark Bourke, Heath Lambert project team leader, said: “We are thrilled to be engaged on this pioneering approach to deliver railways. The project clearly offers a great opportunity for the construction industry to bring innovation and efficiency savings in re-connecting mainline train services between the Scottish Borders and the Capital. Our team has mobilised immediately and are working closely with Transport Scotland and our co-advisors, namely, Mott MacDonald, Dundas & Wilson, Ernst & Young, Turner & Townsend and ERM. We look forward to forming new relationships and developing our reputation as a team player and valued advisor.”
Mike Hawkes, Heath Lambert managing director for the project risks team, added: "Heath Lambert and the Project Risks team have developed an excellent reputation in providing insurance expertise for the construction and operation of privately financed projects. The team has a detailed knowledge of the legal and risk management issues involved in private finance, and has wide experience in working for governments, local authorities, lenders and project companies/contractors.
“We bring considerable and diverse rail industry experience to the table that includes Project Evergreen (the first Design Build Finance and Transfer rail scheme in the UK), the Efficiency Review of Network Rail’s CP4 Risk Financing Programme on behalf of the Office of Rail Regulation, and advisory and broking services for rail operators and rolling stock manufacturers. Building on our roles supporting Transport Scotland in the delivery of the Forth Replacement Crossing and in placing the construction insurances for Crossrail in the past three months, it can be acknowledged that Heath Lambert are the UK leaders in major infrastructure project insurance.”
Steve Milligan, project director for the borders railway project, said: "Transport Scotland is pleased to have appointed Heath Lambert to work on the Borders Railway project and look forward to the wealth of experience they can bring to the project. The Competitive Dialogue process will get underway shortly and we look forward to working in partnership with Heath Lambert through this key development phase which takes us nearer to delivering one of the first DBFM railways in the UK."