To create integrated insurance programs for major infrastructure projects
The Hartford Financial Services Group has expanded its construction wrap-up capabilities to create integrated insurance programs designed specifically for major infrastructure projects.
The Hartford has undertaken this step to address the evolving insurance needs of contractors involved in public-private partnerships.
Wrap-up programs typically allow developers, owners or general contractors to provide and coordinate insurance for all sub-contractors on a project by bundling coverage into a single consolidated program for the duration of a job. However, in a public-private partnership, a private contractor may be taking on additional functions during the project, such as the operation or maintenance of a roadway, which create exposures that are beyond the scope of a traditional wrap-up program.
Bill Sullivan, vice president of The Hartford Construction Group, said: “With large transportation, healthcare, education and energy construction projects being built across the country, public-private partnerships present tremendous opportunities for contractors, but they also present unique risk management challenges that require specially tailored programs.”
The Hartford has developed an approach to public-private partnerships that integrates insurance protection, loss control and claims services in a single, customised program that is focused on minimising gaps and reducing questions regarding coverage for the different entities involved in these projects.