Royal & SunAlliance and Munich Re appointed lead insurers
The Olympic Delivery Authority (ODA) today announced the companies selected to provide insurance cover for its work to deliver the venues and infrastructure for the London 2012 Olympic and Paralympic Games.
The ODA has appointed two lead insurers, Royal & SunAlliance and Munich Re Group, to provide approximately half of the required construction and public liability insurance cover. Thirteen insurers have been appointed to provide the rest of the insurance cover.
The remaining cover will be provided at varying levels across a number of packages by the following coinsurers: ACE European Insurance Group Ltd; Norwich Union Insurance Limited; Munich American Risk Partners; Tokio Marine Global Ltd; SCOR; D.A. Constable; QBE; Brit Insurance Limited; Syndicate 2525 at Lloyd's; C N A; Mitsui Sumitomo Insurance Underwriting at Lloyd's; Allied World Assurance Company (Europe) Limited; AIG Excess Liability International Ltd.
The cover was secured by the ODA's insurance broker Jardine Lloyd Thompson , appointed in a separate procurement earlier this year.
The ODA said it had secured project wide insurance as a simpler, more cost effective and reliable option than requiring its large number of contractors to make individual cover arrangements.
ODA Chief Executive David Higgins said: "Although we may never need to call on it, insurance cover is essential for a project of this scale. Securing project wide insurance directly is a smart and cost effective way of making sure our work to deliver the venues and infrastructure for the London 2012 Games is underpinned with straightforward, high-quality cover."
