PHILADELPHIA--(BUSINESS WIRE)--ACE Group today released a new advisory that examines the environmental risks facing U.S. contractors pursuing international construction projects. Rapidly increasing international demand for building construction and infrastructure development presents significant growth opportunities for the U.S. construction industry, as nearly $57 trillion in infrastructure investment will be needed globally through 2030 to keep pace with economic growth, estimated the McKinsey Global Institute1. The ACE advisory addresses the importance of contractor’s assessment and adherence to environmental regulations in the international countries in which they operate. Additionally, it discusses securing an insurance program that provides consistent coverage, service, and flexibility needed to operate locally and globally.
“Meeting the Challenges of Environmental Risks in International Construction,” was co-authored by William Hazelton, Executive Vice President, ACE Environmental Risk and ACE Construction Industry Practice Leader, and Diana Eichfeld, Assistant Vice President, ACE Environmental Risk. This advisory is the latest installment in ACE’s series of insurance and risk management perspectives for risk managers.
The growing international demand for new buildings and infrastructure presents significant opportunities for U.S. contractors looking to expand their reach in both emerging and developed nations. In Brazil, new infrastructure was created for the 2014 World Cup in addition to the multitude of construction projects related to the 2016 Summer Olympic Games. In developed nations, such as Canada, infrastructure improvement projects such as pipeline expansions are being developed and implemented.
“International construction opportunities are opening up new avenues of growth for U.S. contractors, but at the same time, contractors need to be aware of potential environmental risks that can stem from cross border projects,” observed Ms. Eichfeld. “To ensure U.S. contractors comply with international regulations and requirements, ACE’s Construction Industry Practice works with each client to develop a comprehensive risk management strategy that addresses potential key construction and environmental exposures. Additionally, the practice helps assure our clients have the appropriate insurance programs is in place for both domestic and international projects. ”
Key highlights from the ACE Advisory include:
To read the full advisory, click here. For more information about ACE’s Construction Industry Practice and its range of product and services please visit our website. The material presented in this report is not intended to provide legal or other expert advice. It is presented for informational use only. Readers should consult legal counsel or other technical experts, as applicable, to answer any specific questions they may have.
About ACE Group
ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. ACE Limited, the parent company of ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at www.acegroup.com, or follow ACE on Twitter,https://twitter.com/ACEGroupNA.
1. McKinsey Global Institute. How to Save $1 trillion a Year:http://www.mckinsey.com/insights/engineering_construction/infrastructure_productivity