Insurance Program Management
- Design, implement, and manage comprehensive insurance programs for project finance transactions, including construction all-risk, operational risks and equity political risk insurance.
- Liaise with project developers, contractors, lenders, and insurance brokers to secure adequate coverage for all stages of the project (development, construction, and operation).
- Review of Insurance policy for full coverage, lenders endorsement and all related documentation
- Ensure all insurance requirements under financing agreements and project contracts are met.
- Manage the maintenance, development, performance, governance, administration and delivery of the insurance provision for the Group to produce an efficient service and delivery solution, maximizing efficiency, performance and best value against pre-agreed targets.
- Adhere to agreed criteria and budgets and plan to maximize efficiency, best value and performance.
Claims Management
- Oversee and manage insurance claims with insurance broker/insurers related to construction and/or operations, ensuring that all claims are processed effectively and in a timely manner.
- Work with project teams, contractors, and insurers to assess and process claims, minimizing financial exposure.
- Ensure that claims are redirected to service providers wherever possible and ensure the terms and conditions of contracts are clear and robust.
- Lead negotiations with insurers to maximize recoveries and resolve disputes around claims.
Risk Assessment and Mitigation
- Conduct comprehensive risk assessments for new and existing projects, identifying potential insurance requirements and gaps in coverage.
- Provide recommendations to mitigate risks through insurance policies, project structuring, and contract terms.
- Participate in project risk reviews to ensure proper integration of insurance into risk management strategies.
Stakeholder and Relationship Management
- Maintain strong relationships with insurance brokers, underwriters, and reinsurance companies to negotiate competitive premiums and terms.
- Work closely with project finance, legal, construction, and development teams to ensure alignment on insurance needs and requirements.
- Coordinate with lenders and equity partners to fulfil insurance obligations under project financing agreements.
- Monitor the insurance program for the portfolio.
Compliance and Reporting
- Ensure all insurance policies comply with local regulatory requirements, lender mandates, and company risk management policies.
- Maintain detailed records of all insurance policies, claims, and related correspondence.
- Prepare regular reports on insurance status, claims, and risk exposure for senior management and the Board.
Equity Insurance
- Evaluate and secure equity political risk insurance for projects operating in high-risk geographies or jurisdictions, covering risks such as expropriation, political violence, currency inconvertibility, and contract breaches by host governments.
- Advise on the structuring of insurance policies to support project equity returns and mitigate downside risks.
- Collaborate with underwriters to structure insurance policies that protect the company’s equity investments from geopolitical risks.
- Monitor the political risk landscape in relevant markets and ensure coverage is updated accordingly.
- Monitor the insurance program for the portfolio.
Contract Review and Negotiation
- Review and negotiate insurance provisions / policy in project contracts, ensuring that all parties (contractors, lenders, and equity investors) are adequately protected.
- Ensure that insurance policies meet the contractual obligations of project finance agreements, including coverage limits, exclusions, and duration.
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