Special Report: Construction project costs increase due to risk insurance

According to the latest studies, refining and petrochemical companies will have to pay more for risk insurance on upcoming engineering and construction, although help is on the way.Recent global events, including an increase in worldwide terrorism, the insolvencies of several high-profile energy firms, and various war risks, along with the continuing troubles caused by asbestos and environmental losses, have necessitated an increase in the cost of risk coverage due to varying degrees of restrictions on insurance and reinsurance capacity and coverage. This increase includes newbuild projects as well as ongoing business operations."All large projects are having more difficulty obtaining ful...

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