Independent, bespoke insurance support
Unlike insurance brokers, we are completely independent from the insurance transaction and insurance market, meaning we work objectively to deliver the best solution for you. Our support is tailored to each project’s unique requirements and complexities. By collaborating closely with all parties, we ensure that the insurance solutions are realistic and achievable.
Global expertise that you can trust
What’s more, we have worked in this sector for over thirty years on hundreds of projects globally. We’ve supported lenders and borrowers for some of the world’s largest infrastructure projects. With our expertise and knowledge, we are dedicated to providing you with sound, impartial advice at every stage of the project.
How we can help
Our services typically include:
- Risk assessment and commentary: we meticulously identify and analyse project risks, pinpointing insurable risks and providing an independent review of risk and insurance provisions within all project documents.
- Market insights and analysis: we stay abreast of the evolving insurance market, keeping you informed about market developments and the potential obstacles that may occur.
- Proposal negotiation and agreement drafting: we collaborate with borrowers and brokers to understand the proposed insurance programmes, address specific challenges, and provide advice on drafting and negotiating insurance provisions in loan documents.
- Coverage adequacy: we work with legal and technical advisors to ensure there is sufficient insurance coverage for the identified exposures and robust supporting documentation for each project.
- Audit: we audit insurance documentation to ensure that the loan agreement obligations have been met and to provide compliance reports to lenders. In the event of changes in the market environment that impact the loan agreements, we proactively highlight and manage changes with our clients.
- Comprehensive reporting: we deliver detailed reports that document insurance solutions, loan obligations and certify adherence by borrowers and brokers.
Case Studies
ACWA POWER
INDECS has worked with ACWA Power for a number of their project finance deals over the past decade, mainly in the Middle East. The projects cover wide range of sectors, including power generation and water salination projects.
Sectors: Green Energy; Utilities
INDECS has worked with ACWA Power for a large number of their project finance deals over the past decade, mainly in the Middle East. The projects cover wide range of sectors, including power generation and water desalination projects.
A Risk & Insurance Director at ACWA Power said: “The team is professional, pragmatic, customer and solution oriented. We have no hesitation to recommend INDECS as lender’s insurance advisors for an energy project.”
FMO
FMO is the Dutch development bank that offers capital and knowledge to companies, projects and financial institutions in developing countries. INDECS works closely with the FMO in-house insurance team and leads on insurance matters for most transactions.
Sectors: Green Energy; Non-Renewable Energy and Utilities
FMO is the Dutch development bank that offers capital and knowledge to companies, projects and financial institutions in developing countries. INDECS works closely with the FMO in-house insurance team and leads on insurance matters for most transactions.
We represent FMO and partner financial institutions on a large number of power, energy and infrastructure projects worldwide, helping develop robust, bankable insurance protection for the lender group.
FMO said: “The professionalism of the INDECS team is highly valued, and their insurance knowledge, connections and responsiveness are an asset to any project finance transaction. INDECS have been instrumental in finding workable solutions to challenges imposed by local insurance regulations in countries where international lender requirements would otherwise not have been met. These solutions have created market standards which international lenders can use in future transactions.”
450MW Power Plant
Recognising that insurance requirements need to be commercially achievable, INDECS will not only work closely with lenders, but also with sponsors, legal and technical advisors where relevant, to seek solutions for all parties.
Sector: Non-Renewable Energy and Utilities
Recognising that insurance requirements need to be commercially achievable, INDECS will not only work closely with lenders, but also with sponsors, legal and technical advisors where relevant, to seek solutions for all parties.
We have worked in many challenging jurisdictions, where local market forces and legislation can be obstacles to developing a bankable insurance solution. This was the case with the 450MW power plant, located south of Dhaka in Bangladesh.
The client said: “It was a pleasure working with INDECS in your role as lender’s insurance advisors on the 450MW power plant project transaction. INDECS demonstrated a pragmatic, expert and proactive approach that was appreciated by all parties. Thank you very much.”
Working with brokers
As INDECS are not brokers, we like to form collaborative relationships with appointed brokers for relevant projects. This helps us ensure potential issues are identified early and that workable solutions can be put in place.
Sectors: All
As INDECS are not brokers, we like to form collaborative relationships with appointed brokers for relevant projects. This helps us ensure potential issues are identified early and that workable solutions can be put in place.
Our experience shows that project brokers are much more comfortable working closely with INDECS rather than directly with the client throughout the finance process.
One broker said: “Confronted by an issue in the insurance market which threatened to undermine the financial close of a multi-million-dollar transaction, we received unyielding support from INDECS. They kept the lenders and their lawyers on board while we found a solution. INDECS' pragmatic, commercial attitude and approach was a significant contributory factor to the eventual success of the project.”
International Finance Corporation (IFC)
INDECS has been appointed as the lender’s independent insurance advisor for a number of IFC project finance transactions.
Sectors: Green Energy; Non-Renewable Energy
INDECS has been appointed as the lender’s independent insurance advisor for a number of IFC project finance transactions.
For each one, we work closely with the lenders, ensuring that the insurances are appropriate for the project and in-line with commercial market practice. At the same time, we take into account the commercial context and risk profile of each project.
We then support IFC during the operational phases to make sure the insurance remains compliant and appropriate throughout the term of the loan.
A Senior Investment Officer at IFC said: “I have observed first-hand INDECS’ professionalism and dedication. Their involvement in our projects is a true asset and their support highly valuable. INDECS takes the time to understand the project, review the risks and focus on workable insurance solutions. They have excellent insurance expertise and their connections with major insurance brokers are very valuable.”
Services
Senior Investment Officer, International Finance Corporation (IFC) (Lender)
Partner, Alesco Risk Management Services (Broker)
Commercial Director, Aldwych International Ltd (Sponsor)
Senior Insurance Advisor, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) (Lender)
Director – Risk and Insurance, ACWA Power (Sponsor)
Head of Insurance – Datacentre Company