P3 / AFP Services
In the decades to come, Public-Private Partnerships (P3's) will be used to rebuild the bulk of the post-war infrastructure in North America.
Governments in Canada began the adoption of the P3 model in the 1990's in an effort to reduce the immediate public funding required to rebuild the failing and outdated road networks, bridges, schools, hospitals, court houses, and other public infrastructure. By the mid twenty-tens, over 250 projects have been completed or are underway using this model.
The model is gaining traction in the United States. Many states now have enabling legislation and an active slate of projects is underway.
Private Consortia made up of developers, contractors and lenders now finance, build and provide operations and maintenance of the P3 projects on behalf of the Authorities through a concession agreement.
Under the P3 model, risk is shifted from the public Authority (government body) to the private Consortium. This results in significant potential points of failure throughout the duration of a P3 Project in which the primary goal is to ensure a quality product built on time and within budget.
Cook Advisory lowers the overall cost of development and helps to move to close of the deal more quickly. As an expert team partner, we do this by mitigating the insurance and risk management challenges associated with P3 projects. A comprehensive insurance and risk treatment program for construction and concession life cycle management is beneficial for all stakeholders. This creates a profitable and competitive advantage for bidding consortia.