Is your insurance adequate – What the building & construction industries need to know

July 18, 2022

The construction industry is facing unprecedented challenges in today’s environment. Many factors are contributing to this including supply chain delays, increased labour & material costs, significant weather events & the Covid-19 pandemic.

It is advised that Insured’s need to review their insurances to ensure they are fully covered in today’s climate.

We suggest you take the three actions below now and welcome anyone to contact us to review their insurances.

  • Review Sums Insured – With costs increasing your sum insured will need to be reviewed. Industry experts have suggested that increases may need to be as much as 45%!
  • Review Contract Duration – These may need to be extended considerably according to industry experts
  • Review Plant & Vehicle Sums Insured – Second hand prices for these items have also increased dramatically & and your current insured value may not be adequate.

One of our construction specialist insurance providers, Mecon Insurance, provided a recent article regarding contractual solutions for the risks the building industry is facing today.

You can read this article here.

We strongly encourage you to take the time to review your insurances. Please contact us to make a time to ensure your cover is adequate for your needs.