finance & insurance 39
Get it covered
It is easy to see why the complexities of insurance can be a burden and even intimidating for many in the construction industry. Here Steve Mansour, Group CEO of construction insurance specialist CRL, gives some clarity on construction insurance for housebuilders.
to dismiss it as simply another regulatory hurdle to be overcome. But getting to grips with the details of
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contractors’ insurance can help to protect a business from worst-case scenarios. There are a number of insurance requirements that need to be met by those working in the housebuilding sector. This article will attempt to break down the main types of insurance that may be needed. Despite the best of intentions and safeguards,
accidents can and will happen on construction sites and contractors simply would not be able to operate without covering themselves from these eventualities. While it is recommended that developers
undertaking new build projects seek advice from their respective insurance and financial advisors in order to understand their exact requirements,
s legal documents, it is necessary for insurance contracts to be packed full of dense legal terminology – leading many
here are some of the basics that need to be take into consideration.
Employer’s liability
This type of insurance covers contractors against accident or injury claims made by employees. It is a legal necessity for contractors and they are required to keep a certificate at their place of business. Some insurers will cover against a set amount
of damages, while others will provide unlimited cover – this level is typically reflected in the premium you pay. Unlimited cover has become rarer in recent
years due to a number of issues, including the increasing use of sub-contractors, which can lead to ambiguities in terms of who and who is not covered. With changing cover limits, it is important for contractors to be aware of what they are
covered for – both to ensure they are not overpaying, while having sufficient cover in place to indemnify all parties should the worst occur.
Public liability
This type of liability insurance covers contractors against injury to members of the public, surrounding property that is not involved in the project and sub-contractors. Public liabil- ity will not only meet the cost of compensation claims, but will cover legal fees related to settlements or defence in terms of such claims. Premiums are determined by the type of project being undertaken, how large the firm is and whether or not it’s claimed in the past. Given the vast sums that public liability claims can potentially involve, many employers require contractors to prove they have this in place before they commence any work.
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