With signs of the construction market starting to become buoyant again and a mini-property boom starting*; there is no wonder that Contractors are gearing up to kick start their businesses once again.
At Incorporated Insurance Group Ltd (IIGL), Dean Surridge, Head Of Contractors Underwriting comments, ‘We have seen a definite increase in enquiries from our brokers including a number of start-up businesses that are looking to take advantage of these emerging opportunities. It’s a great time to get into the Contractors Insurance market as I feel that this will be a growing sector over the coming years’.
Dean continues ‘However, this increase is not without difficulties, as a number of main contracts would appear much tougher on their record keeping than before. Many more large firms and local government authorities would appear to be keen to review these documents; not only validating the limits of liability cover on their contractors third party covers but now also looking at the security ratings of the insurance carrier’.
It is, therefore, important that broker check with your clients whether they will have to produce insurance documentation, either now or in the future, to allow them access to a site. So it could be vital that that the broker chooses a company with the correct Standard and Poor’s rating.
Mike Smith, CEO of IIGL, added ‘At IIGL, we look to provide our brokers with capacity for Contractors that has a Standard & Poor’s ‘A’ Rating. That’s because we believe that their clients should have the comfort of knowing their insurances are backed by a UK based quality insurer. By dealing with IIGL, brokers can be confident that their clients will never lose a job due to the security or quality of our insurers’
If you’d like to find out more about how IIGL or its insurance capacity providers, then please contact us on 0845 519 9050 or email email@example.com for further details.
*information gained from Construction Enquirer, ‘Construction demand set to ‘rocket’’ news item.