Over the past year we have seen the construction sector has now been ‘kick started’ and this has started to have an impact on the insurance industry. Not only are Insurance Brokers seeing their contracting clients growing their turnover and wage roll which create additional income from revised year end declarations but we they are also seeing an upturn in requests for Contractors to hold not only Liability cover with ‘A’ rated markets but also Professional Indemnity Insurance.
Until recently, this type of cover has not been requested but with the number of new building projects being launched larger Contractors are now requesting this cover for all Sub-Contractors entering their sites. Predictions are that this is something that will increase over the coming months and can create a problem for both the Contractor and their insurance broker due to the high minimum premiums often enforced on this type of cover.
One company, Incorporated Insurance Group (IIGL), have decided to tackle this issue head on. Dean Surridge, Head Of Contractors Underwriting, outlined their approach ‘We understand the contractors trade and realise that often the exposure for design work is minimal where it is undertaken for a fee is very rare. With this in mind, we have developed a new policy to be sold alongside our Contractors Combined Liability product which covers the Contractors need for Professional Indemnity cover’.
Contractors Professional Indemnity – Key Benefits
- Wide range of Contractors Trades
- ‘A’ rated Security
- Defence costs and legal costs up to £5m
- Indemnity to Employees
- Collateral Warranties
- Timber Disease
- Predecessors in business included
- Infringement of Copyright Extensions
- Premiums available from a low as £75.00
With policies starting from just £75, it’s a great opportunity for brokers to be proactive in offering this product to their clients involved in Contracting Trades. If you would like to find out if you can gain access to our exclusive product range; please contact us on 08455 199 050 or email firstname.lastname@example.org to speak to one of the IIGL Team.