Engineering Insurance Seminar

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RFIB, in collaboration with Starstone, a member of the Enstar Group, gave a presentation to the Iranian insurance community, on Monday 8 February 2016, at the Insurance Research Centre (IRC).

Anthony Harris, Head of RFIB Middle East, based in Dubai, and his colleague, James Cooke, an energy and construction broker at RFIB Middle East, introduced Tom Wylie, the Head of Construction Underwriting at Starstone based in London. Soran Seyedi, from RFIB Head Office in London assisted the presentation with interpretation and further explanation.

Following a similar event, November 2015, on the subject of RFIB marine products and latest developments in the international marine market, this seminar discussed recent innovations in the on-shore engineering and construction underwriting industry. Tom Wylie described how the Lloyd’s market operates, drawing on his nearly 40 years of construction insurance experience. James Cooke gave complementary examples from his work as a broker in both London and Dubai.

Tom Wylie began with a review of the way construction insurance currently operates, including a reference to the various professional associations which underpin the working of the market. Subsequently, he described some of the technical aspects of construction underwriting, such as that of owners, contractors, and legal liabilities, OCIP (Owners’ Controlled Insurance Programmes) and DSU (Delayed Start-up insurance). Having dealt with several detailed questions, Anthony Harris ultimately thanked Bimeh Markazi for the efficient way of organizing the seminar.

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