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Building Inspectors, Engineers & Construction - Insurance

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I try to keep you up to date with what's happening in your industry insurance-space.

Some of you will already know the exclusions that are coming thick & fast from insurers about the use of ‘non-compliant building materials’.

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.

Remember Professional Indemnity policies are on a 'claims made' basis. If you accept an exclusion now that exclusion will apply for all claims made against you going forward.

If you're my client you will be aware.

The below articles are relating to the ‘Building Inspectors’ trade, but worth the read as it will affect more and more occupations.

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.

Some London underwriters are not taking on any new clients, some are not offering renewals or increases in cover.

Construction is one of the top three riskiest industries in Australia.

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?

Please pass on the info to other business owners & speak to your mates about it - so that they are also aware.

construction builders

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

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.