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Chinese Insurers provide insurance to developers, contractors, and subcontractors before securing funds for BRI projects, especially for large, complex, high-value, and/or risky infrastructure development. Financiers may decide not to finance certain projects if insurers do not agree to cover them.
Possible Roles and Responsibilities of Chinese Insurers:
- Conduct preliminary due diligence.
- Account for different types of risks — including commercial, environmental, social, political, and reputational risks — of BRI projects.
- Cover accidents that occur during the project implementation and operations phases, among other liabilities.
- Cover expenses caused by project delays; cancellations; or developers’, contractors’, and subcontractors’ failures to repay loans.