Munich Re Specialty has added rescue cover for large tunnelling and underground infrastructure projects, in what it says is a first for the Lloyd’s market.

The construction rescue insurance responds to tunnel collapses, flooding, power outages, fires, equipment failures or any unexpected event meaning contractors or workers cannot reach the surface.

It is designed for rail, road and other underground infrastructure projects, covering the “significant and often unforeseen” costs of crisis response.

Claimants receive funding, use of specialist equipment and personnel, and technical and logistical co-ordination.

“Tunnelling is among the most technically demanding disciplines in global infrastructure, and when a collapse occurs, the priority is safety of people,” Munich Re Specialty CEO of global markets syndicate Stephanie Ogden said.

“Our aim is to support customers with the costs that amass exceptionally quickly and give project owners and contractors the time to ensure their focus can remain on the preservation of human life and welfare.”

Munich Re Specialty also offers miner rescue, contractors all risk and erection all risk cover to large infrastructure projects.

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