Global Construction Draws Opportunities & Environmental Risks: ACE Advisory Details Strategies to Manage Environmental Exposu...
March 19 2015 - 6:12PM
Business Wire
ACE Group today released a new advisory that examines the
environmental risks facing U.S. contractors pursuing international
construction projects. Rapidly increasing international demand for
building construction and infrastructure development presents
significant growth opportunities for the U.S. construction
industry, as nearly $57 trillion in infrastructure investment will
be needed globally through 2030 to keep pace with economic growth,
estimated the McKinsey Global Institute1. The ACE
advisory addresses the importance of contractor’s assessment
and adherence to environmental regulations in the
international countries in which they operate. Additionally, it
discusses securing an insurance program that provides consistent
coverage, service, and flexibility needed to operate locally and
globally.
“Meeting the Challenges of Environmental Risks in International
Construction,” was co-authored by William Hazelton, Executive Vice
President, ACE Environmental Risk and ACE Construction Industry
Practice Leader, and Diana Eichfeld, Assistant Vice President, ACE
Environmental Risk. This advisory is the latest installment in
ACE’s series of insurance and risk management perspectives for risk
managers.
The growing international demand for new buildings and
infrastructure presents significant opportunities for U.S.
contractors looking to expand their reach in both emerging and
developed nations. In Brazil, new infrastructure was created for
the 2014 World Cup in addition to the multitude of construction
projects related to the 2016 Summer Olympic Games. In developed
nations, such as Canada, infrastructure improvement projects such
as pipeline expansions are being developed and implemented.
“International construction opportunities are opening up new
avenues of growth for U.S. contractors, but at the same time,
contractors need to be aware of potential environmental risks that
can stem from cross border projects,” observed Ms. Eichfeld. “To
ensure U.S. contractors comply with international regulations and
requirements, ACE’s Construction Industry Practice works with each
client to develop a comprehensive risk management strategy that
addresses potential key construction and environmental exposures.
Additionally, the practice helps assure our clients have the
appropriate insurance programs is in place for both domestic and
international projects. ”
Key highlights from the ACE Advisory include:
- Growth impact of international
construction opportunities for U.S. contractors with specific
emphasis on cross border environmental risks and challenges
- Consideration of environmental
regulations and assurance projects comply with local laws and
customs
- Risk management considerations for U.S.
contractors, including review of insurance programs to ensure
compliance with local insurance coverage requirements
To read the full advisory, click here. For more information
about ACE’s Construction Industry Practice and its range of product
and services please visit our website. The material presented in
this report is not intended to provide legal or other expert
advice. It is presented for informational use only. Readers should
consult legal counsel or other technical experts, as applicable, to
answer any specific questions they may have.
About ACE Group
ACE Group is one of the world’s largest multiline property and
casualty insurers. With operations in 54 countries, ACE provides
commercial and personal property and casualty insurance, personal
accident and supplemental health insurance, reinsurance, and life
insurance to a diverse group of clients. ACE Limited, the parent
company of ACE Group, is listed on the New York Stock Exchange
(NYSE: ACE) and is a component of the S&P 500 index. Additional
information can be found at www.acegroup.com, or follow ACE on
Twitter, https://twitter.com/ACEGroupNA.
1. McKinsey Global Institute. How to Save $1 trillion a Year:
http://www.mckinsey.com/insights/engineering_construction/infrastructure_productivity
ACE GroupCarla Ferrara,
215-640-4744carla.ferrara@acegroup.com
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