Our Construction Practice is a specialized advising and broking unit dedicated to construction insurance solutions. Our clients are general contractors and specialty contractors, project owners, engineers and designers, as well as financiers and investors who are interested in the security package for their investments. We are a partner who understands your industry’s risk landscape, the contractual and legal environment and can provide comprehensive and seamless solutions.
Interested in our service?
Our Construction Practice is a specialized advising and broking unit dedicated to construction insurance solutions.
Understanding Your Risks
The construction and engineering industry is characterized by being structured into projects, where varying stakeholders come together under changing legal, contractual and regulatory conditions to render work that, in that location and exact form, has not been done before.
From inception and feasibility considerations over breaking grounds, from handover and opening day to the expiry of the warranty period or concession period – uncertainties are a natural component of such projects. Dealing with those uncertainties, delivering a project on time and budget, despite unforeseen and accidental events, is a key feature of every project. Oftentimes, even more than the physical loss to the works itself, it is the liabilities incurred and the delay associated with the financial loss that is hurting.
Insurance is one way to mitigate the effect of such events.
Providing Tailored Solutions
At GrECo’s Construction Practice we service contractors, engineers and suppliers based on cost-effective annual programs and comprehensive floaters, as well as open market insurance and reinsurance placements. Whether your operations are focused on domestic projects only or having projects and ex-pat staff abroad is your business model, we have the corresponding solutions with regards to insurances. Being versed in the relevant aspects of all common contract forms like FIDIC, NEC, ICC, VOB, ÖNORM and others we can assist in the discussion with partners in a joint venture, consortium or “Arbeitsgemeinschaft” just as with project owners and subcontractors alike with regards to risk allocation and insurability and draft create a suitable insurance solution.
Acronyms like EPC, DB and FIDIC as well as terms like Red Book, Yellow Book and Silver book are our daily business and the basis on which our insurance solutions are founded. We value our partnership with clients and navigate together with them through Private Partnerships, Early Contractor Involvement, Alliance Contracting or the fully-fledged Public-Private Partnership, which represent two points in a continuum of possible contract environments.
For project owners, we level the possible advantage the contracting side has by being more used to the project environment, preventing costly disputes, arbitration and legal quarrels in the course of the project realization.
Creating Added Value
We believe we add value in three distinct areas:
What Our Clients Say
“It is the in-depth and authentic understanding of our
risks that helped GrECo tailor the insurance solution
to our needs. Their ongoing service during the project,
including state-of-the-art claims management, is very
important to us“.
Emre Tokmak
Vice President of Tasyapi
Related Solutions
Real Estate
Property& Engineering
Liability
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Richard Krammer
Group Practice Leader Construction & Real Estate
T +43 5 04 04 119