Construction Weather Risk
Extreme weather events as well as prolonged weather patterns can delay construction projects, increasing costs and penalties. To manage this risk, Sompo Global Weather has created ConstructionLock® – a highly flexible financial product that enables the management of project profitability due to unforeseen delays caused by adverse weather.
ConstructionLock® can be structured to the requirements of both individual projects and project portfolios. Payments can be based on:
- Mitigating liquidated damage costs
- Incorporating detailed cost components (labor, materials, etc.)
Payouts can be indexed to any number of weather variables including:
- Wind Speed
- Project owners
- Project finance companies
- Energy utilities
- Renewable energy contractors
We have significant experience creating value-added solutions for our clients in the global agriculture, energy, real estate, hospitality, transportation, renewable energy, retail and agriculture industries.
- Significant transactional capacity
- Products can be delivered on a global basis as either derivatives, insurance or (re)insurance
- Contracts can range in duration up to several years and be written in a variety of world currencies