ALLIANZ Cornhill Insurance (ACI) and its Hongkong-based sister company, Allianz Cornhill Insurance (Far East), have been appointed joint lead underwriters for the $33 billion insurance cover taken out for the construction of the new airport.
The two companies were also joint lead insurers for the $36 billion contractors' all-risk policy covering the government infrastructure project insurance programme.
The premiums, although undisclosed, were said to be two of the largest sums ever paid for single contractors' all-risk policies.
ACI has taken out a 15 per cent line in the latest of the two deals, while ACI (Far East) will insure five per cent of the risk.
The contract will cover both land reclamation and airport construction at Chek Lap Kok.
The entire $112.2 billion airport project is the largest civil engineering project ever undertaken in the territory.