The Power of the Sun
When a South Island company was pitching for a $10M contract to supply and erect a solar power station on the tiny Caribbean island of Haiti, New Zealand’s local insurers were unable to assist – they simply did not have the experience, capacity or appetite to take on such risks.
Working with the Company’s regular broker, within 14 days, Stamford had put in place the structure of a comprehensive insurance and risk management programme incorporating insurers from London, New York, Haiti and New Zealand, including:
- Marine Cargo and transit Insurance for all components from points of origin in Europe and USA to Haiti
- All Risks Cover for the Contract Works and Erection Risk
- Travel, Kidnap, Ransom and Political Risks insurance for the key personnel who would be sent from New Zealand to carry out the project
- Local regulatory covers such as motor and workers’ compensation
- A Performance Bond equal to 100% of the Contract Value as required by the Principal
The right insurance programme was vital to enable the client to secure the contract and our fast response, immediate understanding of the risks involved and complete mastery of the situation ensured that the contract will come back to New Zealand.