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April 2, 2019

15 Things You Must Know About Insuring Mega-Projects

By Robert Alfert, Jr., Sarah Guo

Risk and Insurance

America has entered the era of the “mega-project.” While the term is notably rather loose in industry definition, it generally refers to projects in excess of $1 billion and encompasses large-scale infrastructure work, such as airports, bridges, tunnels and highway systems, power and rail, to commercial use structures like skyscrapers and hospital complexes…. Surprisingly, even in this more sophisticated era of project delivery, a very significant percentage of major infrastructure projects are under-insured, some grossly under-insured or even lacking necessary coverage instruments.

In this three-part series, Orlando partner Robert Alfert and associate Sarah Guo discuss initial considerations for the owner of a mega-project, the core insurance instruments, and performance bonds and alternative security.