Rimkus has an extensive track record working with Insurance Underwriters to develop and implement a construction progress monitoring service, specifically tailored for construction projects that carry Delay in Start-Up (DSU) insurance.
The service relies on receiving the progressed project schedules in native file format, ideally on a monthly basis, which is then interrogated using bespoke software to produce an independent view of the project’s actual progress and highlight any areas of concern relating to the overall progress.
Although this Project Monitoring service was developed primarily for the insurance market, and in particular projects that carry DSU, it can be utilised by Project Owners, Developers, and Finance Lenders to monitor construction projects and give an independent high-level view of overall progress and also help determine when the project is likely to finish.
Comprehensive schedule review of the risk to be insured
Extracting and storing key schedule information
Brief, easy to understand, monthly status reports
Tracking key insurance date variance
Independent reporting/verification of contractor progress
Early warnings of late or early commencement of commercial operations
Quick analysis of project status at the time of an insurable event
PROJECTS IN THE AMERICAS
PROJECTS IN EMEA
PROJECTS IN APAC
number of projects monitored to date
number of projects currently being monitored
total value of projects monitored to date
projects monitored in the oil and gas energy sector equating to $47bn
projects monitored in the renewables sector
WHAT IS RIMKUS PROJECT MONITORING?
For the past 40 years, Rimkus has worked with Insurers on numerous complex delay claims. Therefore, we understand the frustration brought about by the lack of information and schedule knowledge available to Insurers when assessing a time-related claim.
Rimkus Project Monitoring is our response to the need for robust and detailed progress verification throughout the construction period. It is extremely flexible in both application and cost. Levels of monitoring can be increased or decreased at any time, depending on how the project is progressing. The standard service levels are as follows:
PMCHECK - Rigorous initial review of project monitoring baselines and systems PMSTATUS - Standard monitoring package and information repository PMPLUS - Enhanced monitoring package and reporting system PMEXTRA - Bespoke monitoring package
ABOUT RIMKUS PROJECT MONITORING
Before monitoring begins a PMCHECK is carried out. During this process, Rimkus will establish the validity of the schedule, the progress reporting procedures (i.e. native software format in use and frequency of the updates), and identify the key phases of the delivery programme upon which to focus the progress monitoring. Once the monitoring regime has been set up, checks and analyses are undertaken on a monthly basis.
The objectives of this process are to:
■ Provide Insurers with a clearer understanding of the schedule ■ Collect, check, and store key project data ■ Provide clear, concise, and jargon free progress updates on a monthly basis ■ Cut down the time it takes to reach settlement in the event of a claim
It is our consultants’ scheduling expertise combined with the experience gained from acting on a wide array of complex projects that allows us to provide a service for settling claims promptly, efficiently, and cost effectively.
HIGH PROFILE PROJECTS INCLUDE:
2012 LONDON OLYMPICS
FREEPORT LNG – TRAIN 1, 2, & 3
EAST ANGLIA 1
DUQM REFINERY
Contact Us
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Rimkus Corporate Headquarters
12140 Wickchester Lane, Suite 300 Houston, Texas 77079
P: +1 713 621 3550 E: expert@rimkus.com
Rimkus EMEA Headquarters
5th Floor, 40 Lime Street London, EC3M 7AW
Chorley 2nd Floor, Building N7, CBTC, Euxton Lane Chorley, PR7 6TEW
Horsham 3rd Floor, Afon House, Worthing Road Horsham, RH12 1TL
Glasgow 220 St. Vincent Street Glasgow, G2 5SG
Dublin 31-36 Ormond Quay Upper, Dublin 7, Suite 307 Dublin, D07 EE37
Operating from more than 100 offices, the Rimkus team of expert consultants assists clients with complex matters worldwide
