IIL launches guidance for delay in start up cover

The Insurance Institute of London has launched a new publication detailing the benefits of delay in start up insurance. Produced with both technicians and academics in mind, content aims to inform insurance brokers and underwriters, as well as loss adjusters, risk engineers and lawyers. It is also intended to be a valuable asset for purchasers of DSU which includes project owners, investors, and other lenders.

DSU insurance is designed to provide for loss of revenue until commercial operation commences. It is the insurance of revenue for projects under construction designed to provide cover for the financial consequences of a project being delayed due to an insurable event.

This complex but vital cover ensures major developments and important infrastructure projects can be protected in the event of a delay in relation to the income that is required to pay debt interest or capital repayment, and guard against a loss in normal profit generation that would have commenced with commercial operation.

Stephen Coward, specialist insurance consultant and lead author/project manager of the guide, said: “This publication is the work product of a compact team of hand-picked market experts representing all sides of the industry and is essential reading for those interested in or who wish to increase their knowledge of DSU (re)insurance in relation to construction projects and marine cargo risks.”

Further information about the guide is available from the IIL website.

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