We had a great example this week of a steel erectors insurance policy being pretty much a very expensive bit of paper, which would have turned out even more expensive if a claim had been made.
We started the process as we do with every other new client, by drilling down into all of the activities carried out by this company on a day to day basis.
This steel erectors main stream of business was to build steel frameworks for new build properties. After establishing what they do and taking down details of wage roll height worked at and what heat was used at and away from premises, we started to discuss what policy we would offer.
We advised the client that as they were building a structure they would need contract works insurance as well as liability and plant insurance. The client said to us, no we were wrong they didn’t need contract works cover as they had public liability insurance in place.
We proceeded to explain that if this is all they have in place right now they were not covered properly. We told them that public liability insurance for steel erectors would only cover them for damage to third party property and that if the structure they were building was to set alight, be wrecked by storm or collapse that they would not be covered and that the only way to cover this was for contract works insurance to be in place, which covers you for the contract being worked upon, which in this case is the steel structure.
Why come to Construction Insure?
The interesting bit comes now. Armed with this new bit of knowledge ,the client proceeds to call her broker back and explain that they are looking elsewhere for quotes and that they would also like to be covered for contract works.
They went on to say that they are very upset they didn’t have this as part of their policy already. To this the broker replied (who had been charging them 4k per year for a liability policy), that they do not need contract works insurance cover. The client then proceeded to tell the broker why they did need contract works insurance cover which lead to silence.
In the end we gave the client a comprehensive policy with a high-risk insurance specialist and even though their premium had increased by 2k they were delighted with Construction Insure’s service, knowledge and fast turnaround and the fact that they can now sleep at night knowing if they have a claim they will be protected.