The first O&M casualty insurance coverage for the U.S.
Concession companies and Special Purpose Vehicles (SPV’s) in P3 O&M concessions are challenged to assume an ever increasing burden of contract risk from public owners. This contract “risk-shift” from owner to concessionaire can pressure an infrastructure operating company to assume more risk not easily insurable. Current insurance products have not kept up to the fast changing landscape of P3 O&M.
P3 Protect is intended to address this “risk-shift” and close the coverage gaps between the public owner’s insurance and the insurance coverage for the private operator of a P3. Along with critical ISO-based standard coverages for operating and maintaining infrastructure, we offer many coverages in the same package policy that have not been previously available in the private insurance market.
P3 Protect Features and Benefits
This casualty package insurance product for P3 private SPV’s and concession companies includes the following lines of business:
- General Liability
- Completed Operations Liability
- Auto Liability
- Professional E&O Liability
We custom tailor coverage to meet the needs of each concession; and P3 Protect does not require a concessionaire to post letters of credit or other security. For the convenience of the concession, our product is offered on an excess-of-self-insured retention basis with coverage limits directly over the primary self-insurance. P3 Protect does not share limits between lines of business, but each coverage line of business stands as a separate limit of liability with a separate aggregate limit.
Reduce your “risk-shift” gap with public owners. Choose the first specific P3 O&M casualty insurance product that reduces risk during the O&M life-cycle.