INSURANCE FOR THE CONSTRUCTION SECTOR
W Denis designs bespoke, competitive insurance policies for the construction industry, including residential, commercial, railways, utilities and more.
W Denis Insurance Brokers Plc has insured some of the world’s largest construction companies, including two specific companies with annual turnovers of £4.4 billion and £1.3 billion respectively. W Denis Insurance Brokers Plc is the appointed broker to a consortia with plans to erect the tallest residential skyscraper in Europe, with a £250 million GDV. Conversely W Denis group also works with smaller specialist contractors, including those involved in civil engineering and other specific trades.
Bespoke construction insurance programmes are designed for all types of construction companies and projects including residential, commercial, industrial, energy/power, utilities, railways and infrastructure.
Problems can arise even prior to construction, so solutions are offered for:
- Indemnity insurance solutions to deal with defective titles and restrictive covenants etc.
- Judicial review indemnities in the event of planning objections.
- Pollution-remediation stop-loss and liability policies that enable companies to invest in contaminated land with confidence.
- Property/land owners' liability for vacant or derelict sites.
At construction stage: a contractors all risks construction insurance policy caters for:
- Buildings and civil works in the course of construction including temporary/permanent works
- Constructional plant owned or hired in (e.g.employees' tools).
- Legal liabilities including employer's, public, product and pollution liabilities
- Offsite storage and goods in transit being delivered to the contract site
- Option to insure in the name of the employer only or to include the main contractor or all tiers of sub-contractor involved in the contract.
- Optional levels of cover during the defects liability/maintenance period
- Options to insure against defective design, materials and workmanship
- Surety bonds including performance, maintenance, highways etc
Employer controlled or consortia insurance policies for PFI/PPP projects are available.These tend to offer benefits over what is generally available via the contractor’s annually renewable policies, including:
- Confidence that suitable coverage is pre-agreed to deal with any complicated construction activities or phased handovers etc.
- Delay in start up extensions (e.g. advanced profit , rent or debt servicing costs)
- Economy of scale efficiencies plus control of cost outlay
- Non-cancellable cover for the duration of the project period (up to 5 years or more)
- Non-vitiation clauses to satisfy the requirements of financiers etc
- One policy in the joint names of all stakeholders
- Primary control of claims management.
At practical completion the inherent defects/building guarantee policy would usually take effect, however the most competitive of policies would not be left to be arranged at the last minute. By involving W Denis Insurance Brokers Plc at an early stage, periodic inspections of the construction works can be arranged, enabling the underwriters to offer their most competitive premiums.
For more information on bespoke, competitive insurance policies for the construction industry please contact:
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