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Mar 2024

Turkey: New Eurasia Tunnel insured for $650 mln

Source: Middle East Insurance Review | Mar 2017

The Eurasia Tunnel, a mega-project linking Istanbul’s Anatolian side to its historical district on the European end, has started operations and is insured for US$650 million.
 
   The project was insured by Marsh Turkey from the construction phase to the operational phase. 
 
   Terrorism, political violence and liability risks are covered by the insurance, reported the Hurriyet newspaper.
 
   During the construction phase, the project was insured for $1 billion, with the insurance covering fire, theft, design mistakes, construction risks and natural disasters, including earthquakes.
 
   The tunnel, constructed at a cost of $1.25 billion for motor vehicles only, was officially opened on 20 December 2016 by President Recep Tayyip Erdogan.
 
   Constructed in four years, the 14.6-km tunnel, including 5.4 km of twin-deck tunnel, crosses the Bosphorus Straits underneath the seabed. The tunnel is expected to reduce travel time between the two sides of Istanbul from 100 minutes to roughly 15 minutes.
 
   Deemed one of the world’s leading engineering projects, the tunnel will have an advanced system for safe and uninterrupted traffic flow 24/7. 
 
   It was built in a structure that will withstand earthquakes and tsunamis. When necessary, the tunnel can be used as a shelter given its advanced safety features.
 
   There is a special fire system that can be easily accessed from all sides, fire-resistant surfacing, emergency evacuation systems and emergency shoulders that are positioned every 600 metres in the tunnel, reported Daily Sabah. Speed control in the tunnel will be ensured by high-technology infrastructure.
 
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