The insurance broker is a specialist in insurance risks and the insurance market. The way in which an insurance broker 'sells' the projects risks is through the preparation of an underwriting submission. This is essentially a sales document that explains the nature of the risks that are to be insured and the basis on which the insurance is requested (the term 'underwriting' is derived from the original Lloyds of London insurance syndicates where individuals signed their names at the bottom of the documents describing risks to indicate that they had accepted the risk and in so doing 'underwrote' the risks described above their name).
It is normal practice to prepare underwriting submissions for placing insurance, regardless of the nature of the risk and the identity of the insured. In this regard, preparing the underwriting submission is no different for a project alliance than for any other construction contract.
The underwriting submission not only outlines the project risks but also contains information about the likely terms and conditions of the insurance cover, including the anticipated cost.