London Club forms team to service growing Asian offshore construction and specialist vessel risks

The London P&I Club has brought together an experienced team from across its Hong Kong and London offices to cater for a growing offshore construction and specialist vessel book. The team will serve the fast-growing demand for specialty cover from the offshore construction industry and growing renewables sector, driven in part by China’s massive $124bn Belt and Road Initiative (BRI). The P&I club said the new structure will further enhance its service to existing and prospective members and assureds operating offshore and other specialist craft. The new team draws on both external insurance and industry experience and internal know-how in the Hong Kong and London offices, and reflects the club’s further expansion in the offshore sector, the mutual insurer added. Underwriting director Reto Toggwiler explained: “Our new setup has been driven in part to support the needs of members and assureds involved with the offshore construction industry and growing renewables sector, which forms a fundamental part of China’s Belt and Road Initiative. Already benefiting from a strong position in China, the London Club’s offshore expertise makes our Hong Kong office uniquely positioned to be one of the leading insurers in this area.” Fiona Pounds, associate director in the club’s Hong Kong office, added that these projects present unique challenges and risks that need a more bespoke approach. “At the outset of a project, our contract-review lawyers here and in London can work with the assured to identify any potential risks that fall outside of our standard P&I cover. Our underwriters can advise on and arrange extended cover to manage the additional risk. The new offshore and specialist vessel team includes legal, technical and claims professionals, all with experience in the offshore sector,” she said. “I am delighted to have the chance to bring my offshore background to the unique challenges of large-scale state-owned projects in Asia and the development of the club in this area in general,” added Pounds. Wenjie Gao, senior underwriter in the London Club’s Hong Kong office, commented: “In the Far East, we have seen a transition from the more traditional offshore oil engineering to global maritime infrastructure projects arising from the Belt and Road Initiative, and a strong focus on offshore wind power, to implement the strategic goal of ‘carbon peaking and carbon neutrality’.” Adding: “The rapid development of technology and requirements of the industry mean that the demands on vessel owners and the attributes of specialist vessels are becoming more and more diverse. These projects have undoubtedly brought new challenges to the operators of specialist vessels and their insurers. Each project and its contracts are different. Our underwriting team can provide ‘one-stop’ comprehensive cover and support for offshore and specialist vessels.” The emerging risks presented by the huge investment in infrastructure and shift to more renewable energy sources will be discussed by experts at our Construction Risk Management conference in London on 18-19 May. For more information about attending, speaking or partnering, please visit: https://www.commercialriskonline.com/events/construction-2022

London Club forms team to service growing Asian offshore construction and specialist vessel risks

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