When arranging your Public and Employers Liability insurance (sometimes referred to as Combined Liability) each year, your insurers will request various pieces of financial information which, along with other risk information such as your trade, details of depth and height work, processes and work locations, they will use to calculate the insurance premium to be charged.
Construction site managers continue to suffer pressures from two main areas in early 2021 – the requirement tokeep their risk management in order, despite an ever-changing pandemic picture and the ongoing issue of obtaining relevant insurance cover at an affordable price.
Efficacy insurance provides protection against the legal liability for injury or property damage claims made against you by third parties (including customers and members of the public) which arise from your product failing to perform its intended function.
If you or a director of your company has had any involvement in a company which has gone into insolvent liquidation, receivership or administration, or if your company or any of the individual directors has any CCJs against their name, this is a “material fact” and it must be disclosed to your insurers.
Since January, news headlines have been dominated by the collapse of the UK’s second biggest construction firm, Carillion. It is said that 30,000 supply chain businesses are directly, or indirectly, affected by its insolvency and inability to pay suppliers.
‘Soft’ conditions generally mean the availability of low premiums and wide coverage as insurers compete for customers. However due to a variety of different factors, unfortunately, we are now experiencing a significant contraction of this market and in particular the construction Professional Indemnity market.