Thames Tideway Tunnel Loss Adjustors

Tender description

The Thames Tideway Tunnel (TTT) will tackle unacceptable sewage discharges into the tidal river Thames. It is a large and complex project, with a capital value exceeding £4bn. It will be delivered in the private sector by Bazalgette Tunnel Limited (the Infrastructure Provider), backed by Government’s contingent financial support package (referred to as the Government Support Package (GSP)) . The detail of Government’s insurance-related support under the GSP is set out in the Supplemental Compensation Agreement (SCA). Through the SCA Defra will provide insurance cover to the Infrastructure Provider above the limits of commercial insurance and where any agreed insurances become unavailable. While the insurance support provided by the SCA covers high impact low probability risks Defra needs to be ready to investigate, assess and settle claims under the SCA in the unlikely event of a significant insurance event. The loss adjustor would have a key role in advising on Government’s liability under the SCA and in managing and advising on claims for excess loss under the SCA, with the aim of keeping Defra’s financial exposure under the SCA to a minimum. The proposed contract length is for 3 years with an option to extend for two years. In a business as usual scenario, tasks will include reviewing and assessing summaries of quarterly (non-GSP) insurance claims summaries and risk surveys, and participating in claims related meetings. In the event of a significant insurance event the loss adjuster will: influence the handling and settlement strategy for dealing with significant insurance events and the resulting claims; comment upon whether the amounts claimed are fair and reasonable and that the claims fall within the scope of the insurance coverage.