Contractor's all-risk insurance services

Description

The Fehmarnbelt Fixed Link Project (‘Project’) is the final stage in the realisation of a straight traffic corridor between Scandinavia and continental Europe. This is going to be an immersed tunnel containing two dual carriageways and a twin-track railway subject to plan approvals. It will traverse the 19 km distance across the Fehmarnbelt between Lolland in Denmark and Puttgarden in northern Germany. The works covered by the policy have an estimated value of EUR 5 379 000 000. Femern A/S have required insurance services related to construction of the Fehmarnbelt Fixed Link comprising: Lot 1: Construction ‘All Risks’ and Third Party Liability Insurance; Lot 2: Excess Third Party Liability Insurance. Femern A/S has completed a procedure calling for tenders from co-insurers for each lot. Note that multiple co-insurers is awarded the contract/a share of the policy on each lot. Lot 1 is for co-insurers on construction ‘All Risks’ and third party liability insurance with a ‘Primary’ of EUR 5 000 000 each and every occurrence limit of indemnity. The co-insurers will support SCOR Europe SE (lead insurer) who was awarded the contract on lot 1 in the previous tender procedure. Lot 2 is for co-insurers on excess third party liability, limit of indemnity EUR 95 000 000 each and every occurrence in excess of EUR 5 000 000 each and every occurrence. The co-insurers will support Chubb European Group SE (lead insurer) who was awarded the contract on lot 2 in the previous tender procedure. The co-insurers may have offered a capacity of up to 30 % (part of the award criteria). Note that the maximum of 30 % capacity is in total, which means that if the tenderer who was awarded the contract (lot 2) as lead insurer in the previous tender procedure have to submitted tender in this procurement, that tenderer could not offer a capacity as co-insurer that in total exceeds the maximum capacity of 30 %. This means that Chubb European Group SE could not submit tender on lot 2.