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| Title: | 專案融資計劃之風險管理-延遲完工保險及乘客量保證保險之研究
A study on the risk management in project finance – dealy in start-up and revenue/ridership guarantee insurance |
| Authors: | 陳志雄
Chan, Chi Hong |
| Contributors: | 張士傑
Chang, Bill
陳志雄
Chan, Chi Hong |
| Keywords: | 風險管理
計劃融資
乘客量保證保險
延遲完工保險
Risk Management
Project Finance
Ridership Guarantee
Delay in Start-up |
| Date: | 2008 |
| Issue Date: | 2009-09-12 12:33:57 (UTC+8) |
| Abstract: | 摘要
此論文主旨在研究大型營造等工程計劃包括公私合併基建工程之計劃融資的架構，及其計劃融資方法的成長趨向。
計劃融資為一創新及有時效性的融資技術。有別於傳統基建工程的融資方法，因此愈來愈多在採用。此研究主要是集中於計劃融資的益處，風險管理及保險要求。
由於全球的私有化現象，政府的資助計劃，有移轉至私人融資計劃的趨向。本金現在往往以計劃的資產作為抵押，而以計劃的收入基礎以返還之。因此計劃的收益為大型投資計劃的主要融資因素。計劃的完工時程往往加之於計劃融資團體及業主的合約內，因此保障股東權益使延遲完工保險的需求大增。
延遲完工保險又名預期利潤損失險，為以保障業主的收益以償還債務及實現利益而設計。在開發市場中為減免利益風險，以收益保證保險方式以填補預期收益與實際收益間的差異。此論文亦以討論常用於大型計劃的計劃融資方式的兩種保險產品，延遲完工保險及收益保證保險及其核保的挑戰性，理賠處理的特性。
以瞭解延遲完工保險的理賠複雜性，以一個興建、營運及移轉（BOT）的鐵路工程項目的理賠個案作為例子討論。並以訪談保險業界的專家為主以討論相關論點。除延遲完工保險外，乘客量保證保險亦作介紹其保障預期及實際乘客量差異所引起的收益短缺的運作方式。
This thesis aims to study the framework of project finance and the growing trend for project financing methods in today’s large construction projects involving public-private infrastructure partnerships. Project financing is an innovative and timely financing technique that is increasingly emerging as the preferred alternative to conventional methods of financing infrastructure and other large-scale projects worldwide. Research is conducted on the benefits, risk management and insurance requirements of project finance.
Due to global privatization where government funding programs have shifted towards private financing, principals now often collateralize loans with project assets and repay them purely on the basis of projected earnings. Thus, the revenue generating capability of a project has become a critical financing factor in large investment projects. Rigorous conditions on delays in scheduled project completion added to project contracts between financiers and principals and the need to protect shareholders’ interests have created demand for DSU insurance. DSU insurance, also known as advance loss of profits (ALOP) insurance, is designed to secure the portion of revenue which the principal requires to service debt and realize anticipated profit. To mitigate revenue risk in emerging markets, public-private partnership provides a revenue guarantee to protect for the insured’s financial loss due to shortfall between actual and projected revenue. The ‘pledged’ revenues may include sales revenue, rental, interest income, and other sources of funds that are generally recurring. The thesis further discusses two types of insurance commonly applied in project financing of large projects – the delay in start-up (DSU) insurance and revenue guarantee insurance. The features, underwriting challenges and claim handling of these two types of insurance will be investigated.
In order to understand the complexity in claims handling involving DSU cover, a build-operate-transfer (BOT) railway construction project claim case study is created. Interviews are conducted with three selected experts from the insurance industry on the various issues related to DSU claim. The findings gathered from these experts are reported in this thesis.
In addition to the DSU insurance, a ridership guarantee is also introduced for protecting the revenue shortfall between the actual and forecast ridership when project is put into commercial operations.
TABLE OF CONTENTS
PAGE
Acknowledgement i
Abstract ii
Chapter 1: Introduction 1
Chapter 2: Project Finance and Its Risk Management
2.1 Introduction to Project Finance 4
2.2 Features of Project Finance 8
2.3 Benefits of Project Finance 10
2.4 Risk Management in Project Finance 12
2.5 Insurance Requirements in Project Finance 15
Chapter 3: Delay in Start-Up (DSU) Insurance
3.1 Introduction of Delay in Start-Up Insurance 20
3.2 Underwriting Considerations of DSU 23
3.3 Exclusions 34
3.4 Policy Extension Issues 35
3.5 Claims Handling 41
3.6 Risk Management in DSU 45
3.7 Various Issues in DSU Cover 48
3.8 Conclusion Remark 56
Chapter 4: BOT Project Construction Claim Case Study
– Interviews with Experts
4.1 Background of BOT Railway Construction Project Claim Case 58
4.2 Interview Questions on DSU Issues 61
4.3 Interviews with Selected Experts 63
4.4 Conclusion Remark 72
Chapter 5: Revenue/Ridership Guarantee Insurance
5.1 Introduction of Revenue Guarantee 73
5.2 Operation of Ridership Guarantee 75
5.3 Underwriting Considerations of Ridership Guarantee Insurance 76
5.4 Case Study 80
5.5 Conclusion Remark 83
Chapter 6: Conclusion 84
List of Bibliographies iii-vi |
| Reference: | List of Bibliographies
1. Artamonov, A. et al. (2008) ‘Bridges – Construction, Insurance & Risk Management’. Paper presented at the International Association of Engineering Insurers (IMIA) Conference, Gleneagles (IMIA – WGP 59 (08)).
2. Beenhakker, H. L. (1997) Risk Management in Project Finance and Implementation, Quorum Books.
3. Bommeli, M. (2003) Delay in Start-Up Insurance, Swiss Re Technical Publishing, Swiss Reinsurance Company.
4. Dismukes, R. & Coble, K. H. (2006) Managing Risk with Revenue Insurance, Economic Research Service/USDA, Volume 4, Issue 5, USDA Publication, November.
5. Dunning, T. (2002) Notes on presentation titled ‘Advance Loss of Profits & Delay in Start Up Insurance: Aspects of Claims Handling’, Gab Robins.
6. Gatti, S. (2007) Project Finance in Theory and Practice: Designing Private and Public Projects (Academic Press Advanced Series), Academic Press.
7. Hoffman, S. L. (2008) The Law and Business of International Project Finance (3rd Edition), Cambridge University Press.
8. IMIA – The International Association of Engineering Insurers (2008) ‘Principal’s Advance Loss of Profits (ALOP) Insurance’ (online) (cited 14 October 2008). Available from <URL: http://www.imia.com/non_renewable_covers.php>.
9. Jardine Lloyd Thompson Limited (2008) ‘Delay in Start-Up’, Jardine Lloyd Thompson Limited Newsletter, February.
10. Lindberg, A. (2004) ‘Insuring Projects and Contract Work’, If’s Risk Management Journal, 2/2004.
11. Lindberg, A. (2005) ‘Insuring Projects and Contract Work: Part 2’, If’s Risk Management Journal, 1/2005.
12. Marsh, Inc. (1999) Notes on Delay in Start-Up Insurance, Marsh Inc.
13. Marsh, Inc. (1999) Notes on Ridership Guarantee, Marsh Inc.
14. Munich Re (2000) ‘Finite Risk Reinsurance and Risk Transfer to the Capital Markets: A Complement to Traditional Reinsurance’, Munich Re ART Solutions, Munich Re ART Publications.
15. Nevitt, P. K. & Fabozzi, F. J. (2000) Project Financing, Euromoney Books.
16. Roger, P. S. (2001) Project Risk Management: A Proactive Approach, Management Concepts.
17. Rule, D. (2001) ‘Risk Transfer between Banks, Insurance Companies and Capital Markets: An Overview’, Financial Stability Review, December.
18. Šošić, M. (1999) ‘Project Finance: The Added Value of Insurance’, Swiss Re Publishing, Swiss Reinsurance Company.
19. Stolfa, A. et al. (2008) ‘Contingent BI in Engineering Insurance Relevant Risk & Underwriting Considerations to Improve Clarity and Achieve Best Practice Standards’. Paper presented at the International Association of Engineering Insurers (IMIA) Conference, Auchterarder (IMIA – WGP 55 (08)).
20. Swiss Re (2008) Notes and PowerPoint materials on ‘Advance Loss of Profits Insurance (ALOP)’, Swiss Reinsurance Company.
21. The Insurance Institute of London (2003) Insurance of Revenue for Project under Construction, Research Study Group 254 Report, Cromwell Press Limited.
22. Tinsley, R. & Tinsley, C. R. (2000) Advanced Project Financing, Euromoney Books.
23. Tinsley, R. (2000) Advanced Project Financing: Structuring Risk, Euromoney Institutional Investor.
24. United Insurance Brokers (2008) Note on ‘Insurance for Major Projects: Advance Loss of Profits (ALOP) Insurance/Delay in Start-Up (DSU) Insurance’, UIB Construction Publications, UK (online) (cited 15 October 2008). Available from <URL: http://uibgroup.com/expertise/uk/construction/2005/08/24/UIB%20Construction%20ALOP.PDF.
25. Wannick, H. P. (2007) ‘Public Private Partnership Projects: Insurance Cover as Part of the General Risk Management Strategy’, Munich Re Group, Paper presented at the ITA Conference, Praque, May 08.
26. Wassmer, L. (2000) ‘Risk Identification, Evaluation and Management in International Public Transportation Projects’. Paper presented at the 16th Congress of IABSE on Structural Engineering for Meeting Urban Transportation Challenges, 18-21 September, Lucerne, Switzerland.
27. Yescombe, E. (2002) Principles of Project Finance (1st Edition), Academic Press.Traditional Reinsurance |
| Description: | 碩士
國立政治大學
經營管理碩士學程(EMBA)
93932808
97 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0093932808 |
| Data Type: | thesis |
| Appears in Collections: | [經營管理碩士學程EMBA] 學位論文
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