Dear SPET Members,
Please find the attached flyer for the next meeting to be held at the British Club, Soi 18, Silom Road, Bangkok at 6.30pm on Thursday 15 August 2019.
“Unprecedented Construction Claims Driving the Insurance Cycle and the Importance of Contract Detail When Things Go Wrong” By Stephen Boddington, Jardine Lloyd Thompson Limited
The insurance industry is notoriously cyclical and we have seen many years of insurers cutting premiums in order to attract business. This has been good for contractors and owners, but the magnitude of recent construction claims has forced the insurance industry worldwide to examine not only the profitability, but also the viability of underwriting long term large scale construction projects. The days of supply exceeding demand are at an end and in addition to sharing details of recent events, Stephen Boddington will share experiences of the market corrections which he has witnessed over the a long career in the industry.
A corollary of these corrections has been, and continues to be, the increased importance of accurate contract wordings. Faced with pressure from the Boardroom, insurance underwriters are looking at every loophole they can find to mitigate claims costs. Coupled with this is an effort to apportion blame elsewhere, and Stephen will also discuss the contractual and insurance implications of the faulty workmanship allegations surrounding the Hong Kong MTR Sha Tin Expansion, which impact all contractors.
Stephen Boddington has in excess of 32 years insurance broking experience, 26 years of which have been spent specializing in providing insurance and risk solutions for the construction industry. He heads up Marsh JLT’s construction team in Asia and is a member of the Global Construction practice. Based in Hong Kong and maintains responsibility for major construction projects and clients in Asia and Asian interests abroad plus Marsh JLT’s 75+ dedicated construction specialists.
Please advise Chris Moore by e-mail that you will be attending in order to gauge fluid matters.
Entry fee is Baht 200 for Members of SPET and Baht 400 for all others.
Kindly respond by email to Christopher Moore spet.bangkok AT gmail.com OR chris AT lasanne.com or on 081-824-1648.