If you are working on multiple construction sites per annum, it is often recommended to place as many of your covers as possible on an annual basis. Of course, some insurances can only be covered standalone, some on an annual basis and some can be either; but often your individual needs will determine which option is more suitable to you. If you are setting up brand new Special Purpose Vehicles (SPV’s) for each development which are unconnected to a mutual parent company or similar, then it may be best to arrange the covers for your sites on individual project policies.
Employers’ Liability is a legal requirement and is often missed when setting up a Special Purpose Vehicle (SPV), with multiple Directors, labour only subcontractors and temporary staff.Third-party Liability in the form of Public Liability and Products Liability can be placed on an annual basis to cover your exposures anywhere in the UK.
Contractors All Risk (CAR)
Where contracts are of a small and similar basis, then a blanket Contractors All Risk policy across all sites in a 12-month period is often the more suitable route.
Professional Indemnity (PI)
PI covers claims for errors and omissions in your professional services. This cover is often missed by developers as it is assumed that all professional exposures are on the third parties. However, developers still carry considerable exposure. Our inhouse experts can help ensure all of your exposures are protected.
Directors’ and Officers’ Liability (D&O)
One of the highest sectors for D&O claims in recent years is in the construction sector. Following the significant collapse of some high-profile contractors, developers have found themselves facing individual claims from investors, suppliers, contractors and others, meaning Directors’ and Officers’ Liability is arguably more important now than ever.
The construction sector is one of the most targeted for crime in the UK. Yet a surprisingly low proportion of construction companies in the UK purchase the insurance or are even aware of the cover that is available. Traditionally the predominant exposure is from theft by own employees and contractors hired. Typical losses include payments to false vendors, excessive ordering of materials and fraud. Technology and legislation are creating new threats in the construction sector as all this technology can be used by criminals too. Increased data which has a price for cyber criminals to exploit. An annual crime policy can help protect you from these emerging and traditional threats.
Building Information Modelling, Telematics and Project Management Software are just some of the examples of how the construction industry has become more connected and dependent upon the internet and remotely accessed solutions in recent years. However, all of this growth creates more opportunities for hackers to launch a cyber-attack in the construction sector. Construction companies have a wealth of data and documents upon which they are reliant, making them an ideal target for a hacker. A Cyber Insurance Policy could help protect the business from such threats.