One of the compelling hallmarks of the JCoP is the recommendation that owners implement a formalized and ongoing risk assessment and risk management process. Application of the fundamentals of the JCoP is now increasingly being relied upon by insurers in the UK and Europe in order to make important underwriting decisions for the tunneling projects that they insure. United States insurers do not necessarily rely on the JCoP when underwriting tunneling risks.

Whether or not the JCoP approach is confirmed to be an effective risk management tool by normal lagging indicators, it is now increasingly being used as a determinative underwriting criterion by some UK and European insurers on tunneling projects of a certain size or character. Those companies that become familiar with the requirements of the JCoP and establish their own internal risk management tools to conform generally to the required protocols can be better prepared to address the issue when it arises on tunneling projects, and may be prepared for possible future shifts in the underwriting criteria applied by markets outside the UK and Europe or on other types of high risk work.

This paper presents a brief overview of some of the requirements of the JCoP, identifies geographies where we have seen the JCoP approach used as underwriting criteria as well as where we have seen the JCoP approach used in other tunneling projects. Then we will look at the role the Risk Advisor/Broker can play in the JCoP and underwriting process. Finally, we will explore the impact of the JCoP on projects in the United States, and discuss an approach to help organizations in their efforts to prepare for the future.