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Building Inspectors, Engineers & Construction - Insurance
This is a result of the recent ali cladding issues and aquatherm plumbing products.
Its mainly affecting the coverage for Building Inspectors, Construction & Engineers etc
Different insurers have different wordings on how and what they exclude, so please check your insurance policies – don’t assume your cover is the same as the year prior.
In addition Lloyds of London has seen a few syndicates close down (8 syndicates have closed that used to provide insurance cover to the construction industry). This means those who are left are super-cautious about insuring your business and will more than likely push the premiums higher with more restrictive exclusions.
This is what we call a ‘hardening market’ and premiums will remain higher until such time as someone starts to make a profit insuring this occupation. Reports say that for every $1 spent on insurance the insurance company is losing $3.43 in claims costs. What will this do to the construction indsustry?
All information above has been provided by the author.
Jody Williams - Oracle Group Insurance Brokers, ABN 75 131 025 600, AFSL 363610
This article originally appeared on Jody Williams LinkedIn and has been published here with permission.
Jody Williams - Oracle Group Insurance Brokers
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