Staying competitive and viable amidst the challenges of the construction industry requires the ability to navigate a multitude of industry issues and risks. Marsh’s Construction Practice experts provide focused expertise to help businesses address the complex issues confronting the construction industry today.
We understand the risks organizations face and the challenges they pose to maintaining financial stability, attracting and retaining employees, staying abreast of industry consolidation, managing insurance issues, planning for business continuity, handling supply chain risk, and the myriad additional risks inherent in construction.
Marsh’s Construction Practice provides risk management and insurance services to serve the needs of greater than a thousand construction clients, as well as more than 350 construction projects with total construction values exceeding $107 billion. Our industry expertise allows us to deliver the services and solutions that are relevant to the construction sector.
Our specialists understand construction and project management risks and can help control your total cost of risk through solutions aimed at deploying your capital effectively. Managing costs and processes helps you decrease expenses, increase revenues, improve margins, and grow the overall value of your company’s assets and portfolio to make you more successful and competitive.
We provide clients with comprehensive and timely advice on the risks inherent in their businesses and projects. We deliver practical, innovative, capital-efficient solutions that generate yield and margin growth for our clients. We are supported by Marsh’s global network of specialists, delivering expertise in risk management and insurance placement to help clients identify, quantify, prevent, mitigate, control, and transfer risk.
Marsh takes a consultative approach to understanding each client’s operations, business and growth strategy, financial position and philosophy, and risk tolerance. This allows us to identify and prioritize physical, operational, and financial risks to help lower the cost of risk today — and to anticipate future risk issues.
Our experts design cutting-edge insurance programs to address corporate as well as project-specific risks. They examine each client’s unique circumstances and then deliver the optimal blend of insurance, alternative risk transfer, and retained risk to provide effective protection.
Insurance Program and Design
Our insurance experts can design a program that fits your needs, often starting with typical property and casualty coverage. After assessing your risks and preferences, they discuss the benefits of adding insurance coverage such as environmental liability, professional liability, builders risk, political risk, directors and officers (D&O) liability, cyber risk, terrorism, and more.
Marsh’s experts can also help you analyze the benefits of alternative forms of risk finance and insurance delivery, such as a captive insurer, and then implement them with consulting, administrative and management services.
Marsh helps clients manage their surety programs to satisfy contractual obligations, protect assets, and support future business needs. Our construction surety experts specialize in complex, large capacity, and international placements.
We help contractors assess the benefits of subcontractor default insurance, and, if needed, implement a program best suited to their risk appetite, project type, and volume. Marsh’s construction benchmarking can help contractors gain a competitive advantage by favorably presenting their financials to their customers, using sophisticated financial scoring.
Construction Project Risk
Marsh helps clients identify and manage the full spectrum of construction risk. We focus on helping you reduce overall project risk rather than simply transferring the responsibility or consequences of risk.
Whether your emphasis is collaboration and risk sharing among all project participants or defining and enforcing individual accountability, we offer solutions for both insurable and uninsurable risk. Our customized solutions are designed with your project’s specific needs in mind and include risk evaluation, loss prevention, loss mitigation, insurance, and other services.
Marsh’s Construction Practice boasts dedicated claims construction resources throughout the United States. We work side-by-side with our clients’ internal resources to effectively minimize the exposures they face every day. Our collaborative approach has helped clients reduce their collateral requirements and improve their experience modification rating, thus gaining a competitive edge.
Subcontractor Financial Scoring and Prequalification
Subcontractor default presents a significant risk. A struggling subcontractor has far-reaching financial and performance consequences for a construction project, including jeopardizing profit margins. A defaulting subcontractor can adversely affect relationships between the contracting parties if the result is a delay in the project. We can help you analyze a subcontractors’ financial situation and provide guidance for managing the risk of subcontractor default.
Marsh offers extensive, process-driven strategies and tools customized to manage business and project risks from inception to completion. These include, but are not limited to, loss control and mitigation, supply chain, crisis management, business continuity, and mass tort and complex liabilities.
Marsh has the industry expertise and analytical tools to help you manage project risks throughout a project’s lifecycle, and assist in preventing and recovering from project disputes. Our consultants are engineers, architects, project managers, schedule and contract specialists, certified public accountants, and other experts with substantial experience in large capital projects.
Marsh’s experience in construction disputes provides our clients with sophisticated and focused analyses, in addition to practical guidance regarding document limitations, cost, timing, and analytical support to determine the best alternative for the situation. Services include project governance, performance audits, claims and dispute avoidance/resolution, expert testimony, and insurance claim preparation for construction projects.