HDI Global has successfully led an insurance consortium providing cover for the five-year, $NZ1.4 billion ($1.32 billion) Waterview Connection road project, which opened to commuters in Auckland early this month.

The Well-Connected Alliance, which oversaw the project, took out a construction all risk policy covering engineering risks and damage from accidents, fires or natural hazards.

HDI Global will provide protection for a further two years under an extended maintenance warranty clause, which covers defects in construction, design or materials that may have occurred during the building phase.

“This could be the case, for instance, if an appreciable quantity of water were to penetrate the tunnel after protracted heavy rainfall because the lining used to seal the tunnel was accidentally perforated during installation,” Australasia Underwriting Manager Engineering Rolf Heyke said.