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IMIA16-67(97)EINSURANCEOFBOTPROJECTSachallengeandanopportunityPresentedby:G.Ebner,H.Huppman,B.Jendren,H-B.Schittek,I.ZollerIMIAmeetingSunCitySouthAfricaNovember1997IntroductionProjectRisksSummary-KeypointsContractualAgreementsExample-DevelopmentofaInsurancePowerPlantProjectExamplesfromtheFieldofPartiesconcernedandtheirConstruction/ErectionInsuranceInterestsManagementSummaryThispaperdealswiththenewtrendinInfraStructureProjectswherePrivateCompaniesareformedinordertoBuild,OwnandOperatesuchprojectsandlateronhandthemovertoPublicInterests,ifatall.ThepapergivesanexampleofthestructureandarrangementsmadeinrespectofthedevelopmentofaPowerPlantProject.Furthermoreitdescribes"new"insurancerisksaccentuatedasaconsequenceofsuchprojectsandlistsanumberofongoingorcompletedBOTprojects.IntroductionBOTistheterminologyforamodelorstructurethatusesprivateinvestmenttoundertaketheinfrastructuredevelopmentthathashistoricallybeenthepreserveofthepublicsector.Thereisagrowingdemandforprivatelyfinancedinvestment(PFI)capitalfordifferentdevelopments,asthepublicsectorissurrenderingmoreandmoreofitsresponsibilityandfinancingoflongterminvestments."Projectfinance"isthecornerstoneoftheBOTapproach.Itmeansessentiallythatlenderslooktotheproject'sassetsandrevenuestreamforrepaymentratherthantoothersourcesofsecuritysuchasgovernmentguaranteesortheassetsoftheprojectsponsors.TheacronymBOTstandsfor"build,operateandtransfer"or"build,ownandtransfer"(thetermsareusedinterchangeably).Thereareanumberofvariants,pleaseseebelow.Howeverforthepurposeofthispaper,theacronymBOTwillincludeallthesevariations.InaBOTproject,aprivatecompanyisgivenaconcessiontobuildandoperateafacilitythatwouldnormallybebuiltandoperatedbythegovernment.Thefacilitymightbeahospital,powerplant,airport,bridge,tollroad,tunnel,watertreatmentplant,communicationsystemstonameafew.Thecompanyisalsoresponsibleforfinancinganddesigningtheproject.Theshortageofpublicfundsandlackofefficiencyintheeconomicareashithertomanaged
