This week at Construction Insure we have placed cover for a North London Building Contractor called Refurb It All Ltd, which is run by Sanjay and Zena Nairi. The business which is going from strength to strength, specialising in refurb, new build, lofts and extensions, came to us to make sure they were covered adequately and to see if we could offer a more competitive rate.
We would say that 1 in 2 building contractors that come to us for quotes are underinsured and probably half of those with underinsurance, their policies would fail if they were claimed against. So, it was great to see that Zena and Sanjay came to us knowing exactly what a Contractors Combined Insurance was and already had adequate insurance in place.
Checking existing Insurance cover
Due to Refurb It All Ltd having the correct insurances in place this left us to double check their figures, i.e turnover, wage rolls, depth/height limits, heat use, bona fide trades used, contract size and plant to be insured. The reason checks on turnover, wage rolls and contract size must be done every year is so the client remains adequately insured. If these figures aren’t being revised on an annual declaration then underinsurance / non-disclosure will creep into play.
After we had taken all the detail, we place the quote for the contractors combined insurance (which also covers contractors all risk insurance within it) to our panel of insurers who we put volume business through and negotiate an extremely competitive rate for the client. We make sure that when the quote is received we read through and make sure there are no untoward endorsements in there. Once we are happy with the quote, we then present this to the client, in this case Refurb It All Ltd, for them to check and confirm they are happy to proceed, which in this case they did.
We wish Refurb It All Ltd, https://www.refurbitall.com/ the best for the next year and look forward to working with them.