The Olympic Delivery Authority (ODA) today announced that it had secured insurance cover for its work to deliver venues and infrastructure for the London 2012 Olympic and Paralympic Games.
The two lead insurance companies will be: Royal & SunAlliance and Munich Re Group, who will together provide approximately half of the required construction and public liability insurance cover.
Thirteen further insurers have been appointed to provide the rest of the insurance cover.
The ODA selected project wide insurance, as it believes it will be simpler and cheaper than requiring its large number of contractors to make individual cover arrangements.
ODA chief executive David Higgins said, "Although we may never need to call on it, insurance cover is essential for a project of this scale.
"Securing project wide insurance directly is a smart and cost effective way of making sure our work to deliver the venues and infrastructure for the London 2012 Games is underpinned with straightforward, high-quality cover," he said.
The remaining cover will be provided by the following companies:
ACE European Insurance Group Ltd; Norwich Union Insurance Limited; Munich American Risk Partners; Tokio Marine Global Ltd; SCOR; D.A. Constable; QBE; Brit Insurance Limited; Syndicate 2525 at Lloyd’s; C N A; Mitsui Sumitomo Insurance Underwriting at Lloyd’s; Allied World Assurance Company (Europe) Limited; AIG Excess Liability International Ltd.