The insurance contract was signed for one year with a possibility of extension. The cost of the contract has not been disclosed. According to the message, the company is holding talks on insurance of other bridges.
The Yavuz Sultan Selim Bridge was commissioned on August 26, 2016. The construction of the bridge was launched in 2013 and completed on March 7, 2016. The length of the bridge is 1.85 kilometers, width - 59 meters, height - 320 meters.
Earlier this year, in a report published in May, Munich Re announced that it is supporting this ambitious Turkish project as the leading reinsurer during the construction works. The German reinsurer has assumed the leading role, with a share of 40%. Experts from the engineering section of the Corporate Insurance Partner unit were not only responsible for negotiating the fundamental terms and conditions in the underwriting process, but also for monitoring the project's progress and advising on risk management. Losses due to natural hazards (limited cover for earthquakes), bad workmanship, fire, defective design and statutory liability were covered through an all-risk policy. Liability coverage is extended for a period of two years following completion. Losses due to acts of war and terrorism, as well as costs incurred as a result of delayed commissioning, are excluded.
The Yavuz Sultan Selim Bridge, Istanbul's third bridge linking the European and Asian sides of Istanbul, is the longest cable-stayed suspension bridge in the world. While being an exquisite work of engineering, the bridge presents particular challenges to underwriters. The considerable earthquake risk - the bridge is located no more than some 35 km from the North Anatolian Fault, an area with particularly high earthquake risk exposure -, as well as wind loads are two of the main issues to be considered.
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