What is certain, is that we are living in uncertain times, with a fundamental shift in American politics upending long-held assumptions about the US's political and economic relationship with the rest of the world. Its trade policies and the imposition and uncertainty of tariffs are having profound implications on the global economy. For companies involved in international trade the changing global trade environment will have wide-ranging implications. For some, there will be opportunities, but for many a volatile trade climate will challenge business models, with increased potential for disruption, higher costs and more complex compliance. For the construction industry, already besieged with surging material and operational costs, high energy prices, and ongoing skills shortages tariffs risk exacerbating an already challenging situation.

The rise in uncertainty means increased risk and risk managers have a critical role to play in helping their organisations navigate the changing trade risk landscape. Staying informed and aware of changes will be vital in a dynamic trade environment. Trade bodies are a useful source of information into the changing trade environment, while insurers, brokers and advisors are also able to provide valuable insights into risk, insurance and claims implications. Risk managers will also need to work hand-in-hand with internal partners to share knowledge and experience to stay on top of potential risk and coverage issues. The need to stay informed and work closely with business, insurance and advisory partners has never been greater. 

In this interactive session we’ll aim to summarise the very latest trade position and outline the potential risks and opportunities these present to the construction industry, likely changes to risk allocation and to insurance policies required for projects. Areas the panel will cover include;

• With material and project costs likely to increase due to tariffs this may impact insurance policies that have automatic escalation clauses. How much escalation should be allowed?
• How might tariffs impact project delays, and what implications could this have on coverage extensions?
• How will trade credit insurance be affected?
• What are the potential insurance claims and legal implications from the various consequences of tariffs?
• How might ongoing projects in the US that rely on imported materials be impacted and what does this mean for international contractors?   

The format for this session will allow for audience questions and attendees are encouraged to participate actively.