SPANISH LAUNCH FOR LEEDS-BASED W DENIS INSURANCE BROKERS

March 2011 – W Denis join Premier Guarantee UK & Spain to present details of their new insurance schemes to the Spanish insurance market

Hot on the heels of the Leeds based insurance brokers’ recent success as insurance underwriting capacity broker to Premier Guarantee (see here for details), director Mark Dutton joined directors and management from Premier Guarantee UK & Spain to present details of their new insurance schemes to the Spanish insurance market.

Speaking at the 18th Annual Spanish Insurance Week at the Palacio de Congresos de Madrid (Campo de las Naciones), broker/director Mark Dutton spoke about the partner insurer AmTrust Europe Ltd, which provides underwriting capacity and ‘A` rated financial security to the Premier Guarantee schemes.

Mark Dutton commented: “In Spain, Property Developers hold back on paying Building Contractors 5% of the contract value, until 12 months after newly built properties are handed over and completed. This is a measure of security and motivates the Building Contractors to put right any minor defects. Disputes often arise in this area so Contractors lose 5% of their turnover on many contracts. As bottom line margins are under pressure this insurance policy allows the Contractors to earn 100% of the contract price and gives confidence to them and the developer that should any minor defects arise in the first year, they will be put right, with the financial backing of an ‘A` rated insurer.”

Premier Guarantee Spain has been providing 10 year building guarantees (decennial insurance) in Spain for the last four years and has an office in Madrid. Despite the Spanish construction market being hit hard by the recession, Premier Guarantee Spain has managed to grow its market share to 7% of the decennial insurance market, where in Spain this class of insurance is mandatory on new residential properties and is also very popular on commercial new buildings too.

The Spanish Insurance Week events are very popular with an attendance of around 2,500.

Brief details of another new scheme were also revealed at the event, including Contractors All Risks Insurance for Spanish Developers and Contractors. This is to be backed by other supporting insurers and is planned for launch in the summer of 2011.