The UK construction industry is booming. In July research group IHS Markit reported that its index of construction activity in the country peaked to its highest score in 24 years, as demand for both residential and commercial property soared.
This gives insurance brokers an opportunity to outperform their competitors by providing a wide range of cover to their client, and advise on construction contracts which relate to insurance.
However, this also puts increased pressure on brokers to ensure they are getting their clients sufficient levels of cover reflective of the particular risks of their project.
When it comes to high risk construction work, the consequences of an uncovered loss can be catastrophic to the business. To avoid this, it’s essential that the broker speaks to the right people who know and understand the nature of this work.
Most standard insurers will not have this knowledge, and will not be able to write these risks. For jobs such as demolition, tunneling, roofing, scaffolding, or anything working at height, it requires specialist underwriters to write these policies.
Many of these specialist underwriters only operate in the Lloyd’s and London market, and accessing them can be difficult.
This is when you need a specialty wholesale broker, known and trusted by the underwriter, to bring forward these risks and present them in the best light.
Consilium is a wholesaler with brokers who deal with these types of risks day to day, and know inside out what specialist underwriters are looking for and the information they need about the risk.
Being independent, we aren’t bound by bureaucratic processes, and seek to deliver an efficient service-focused placement, leaning on our experience of placing many similar risks before to get your client a good deal.
You can talk to us about your risk in the first instance, and we can discuss with you the types of information we would require to begin placing your risk with our specialist High Risk Construction underwriters.
With us, your client will get the right cover they need, and be able to carry out their construction work safe in the knowledge they are protected should the worst happen.