The essentials of builders insurance

                                                                                         

What do construction contractors need to consider when purchasing a policy?
Although Public & Employers liability insurance is not obligatory under Irish law the number of construction companies that now consider it essential has been rapidly growing over the last few years, a growth that has been helped by the recent construction & economic boom in Ireland. Research suggests that contractor’s primary motivation when arranging Construction Insurance is to protect against the potential of huge court costs in a society which has now become an increasingly litigious. Another motivation is the fact that more and more construction projects require contractors to hold adequate insurance before they can commence work on site.
Insurance expenses have become a significant cost factor for all players in the construction industry, including builders, general contractors, construction managers, design and build firms, specialty contractors, subcontractors, owners and sponsors of public and private construction projects. This growth makes it essential for decision-makers within the industry to have a good understanding of the risks, liabilities and indemnities related to builder’s insurance.
So, what do contractors have to keep in mind when choosing the right builder’s insurance that can meet their special needs?
The first major thing is the type of construction insurance policy that a company will choose to buy. Builder’s policies which include Public Liability, Employers Liability & Contractors All Risks are designed to protect construction projects by insuring against almost every conceivable risk that a builder could become liable for. Builders have to keep in mind that policies are generally flexible and can be tailored to meet the needs of each particular project.
The other main thing that construction firms need to consider is the cost of insurance policies. While they were extremely expensive just a few years ago, builders’ insurance policies are now more affordable than ever. It is therefore important that companies review any policies that they arranged over the years & to negotiate more favorable terms in what is undoubtedly a ‘buyers market’.
Of course, one of the most essential things is choosing an insurance broker with sufficient expertise, a firm you can depend on to provide you with the best possible products & service. For example, Keystone Insurance, Irelands leading construction insurance brokerage, takes great care to ensure customers get exactly what they need. The company arranges insurance very efficiently; quotes are quickly arranged while cover can be agreed over the phone. Keystone also provides professional consultations for companies that wish to renew their policies or to transfer to a different agency which offers better terms.
Experienced insurance brokers like Keystone realise how important builders policies are, and are therefore willing to make no compromises when offering the most appropriate products to their customers.
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