It’s smart to hedge high-risk bets, especially in Las Vegas. The Southern Nevada Water Authority did just that by buying a builder’s risk policy prior for the $817 million third intake project at Lake Mead. Backed by a half dozen reinsurers, the policy offers up to $650 million in loss coverage on a $10 million premium. The water authority bought it from Lloyd’s of London through Marsh LLC, New York City, after a year of discussion and research.