[ Focus: Insurance ]
Switched on cover
As the ECA’s insurance operation, the Electrical Contractors’ Insurance Company (ECIC) should be a first stop for any electrical contractor looking for insurance products that meet its needs. ECA Today finds out from Roger Brown, managing director of ECIC, what it’s been doing recently to ensure its deals hit the right spot
What’s been happening at ECIC over the past year? This year has been a very strong one for the Electrical Contractors’ Insurance Company (ECIC). There’s no doubt we have benefited from the upturn in work within the construction sector. But we’ve also embarked on a number of initiatives that are bringing real value to businesses and contractors within the construction sector – not least of which are electrical contractors, where we have seen a substantial volume of business come our way. In fact, nearly half of all the business we underwrote in 2013 was for the electrical contracting sector. Fundamentally, our aim is to be a key ally to firms and individuals operating in the building sector. This means being alert to the changing needs of the market and responding with innovative new products to meet those precise needs. For example, during the course of the year we launched a new product specifically designed for the green energy industry, targeting those contractors who operate in the domestic and light commercial marketplace. Our renewable energy product is suitable for
contractors who specialise in the installation of such energy solutions, including solar energy, hydro- electricity, air source heat pumps and rainwater harvesting. Crucially, it enables these contractors to maximise the growing opportunities in the renewable energy sector, responding to increasing consumer demand. We’ve also been forging closer ties with
professional bodies in other sectors of the construction industry such as plumbing, heating and roofing. This has really paid off, helping us to increase our share of the market and reinforce our goal to be the first stop for contractors’ insurances.
60 ECA Today December 2013
Your customer base seems to be growing at a pace. Can you tell us about some of the schemes you now have on your books? As I mentioned above, through closer ties with trade bodies we have developed a number of new partnerships in the past year, including a scheme for the Chartered Institute of Plumbing and Heating Engineering (CIPHE) with a membership of more than 8,000. Our specialist scheme for the National Federation of Roofing Contractors (NRFC) – comprising well over 1,000 members – has also grown well this year. We’ve also developed a warranty product for
the Microgeneration Certification Scheme (MCS) approved renewables installers – an internationally recognised quality assurance scheme. Similar to the Gas Safe Register, MCS gives
installers a mark of quality and demonstrates to customers that installations are completed to the highest quality every time. Commenting on that scheme, Simon Newton, commercial director of electrical contractors Darke and Taylor, said: ‘In the highly competitive renewables market, it is important that our specialist company (EnergyMyWay) stands out from the crowd and offers added value to our client base. ‘The ECA-approved MCS warranty product gives
our customers protection with regard to standards of workmanship and peace of mind that their installation meets the requirements of the Renewable Energy Association Consumer Code. The product also improves our cashflow, as we no longer need to hold deposits in a separate client bank account and can use the cash to fund the work in progress on their project. So for minimal cost, the product generates real benefits for both the client and our business.’
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