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We offer terms for most types of building undergoing works but specialise in private client and property owner’s business first and foremost.
Our capacity isn’t heavily affected by the size of risk alone, but more by the type of risk that is presented and the ratio of the combined works and structures sums insured against the cost of the works themselves.
Contract works markets are supported by the engineering arms of most insurers and therefore regard themselves as works insurers rather than property insurers. This is why traditionally some construction markets have struggled to insure large existing structures with relatively low levels of works. Likewise it is why property markets don’t get involved in works, or if they do it’s going to be at a low level and without the provision of joint names cover for the employer and contractor.
In reality, the engineering markets start to become reticent to insure projects when the works are less than 20% of the combined works and structure sum insured. Over the years, we have developed strategies to overcome these problems but that will always be at a cost.
So what can we insure:
- Standard property
- Grade II listed
- Grade II* listed
- Grade I listed
- Ancient monuments
- Timber structures
- Projects already underway
- Phased Projects with multiple contractors
- Projects of up to 5 years
- Façade Retentions
- Basement Extensions
- Works only and new build
- Property Developer Schemes
- Phased Completion
- DE5 design defects if required
We aim to cover a wide variety of risks, even if some are difficult to underwrite, because we believe that there is nearly always a price for the risk and that sensible risk management has more effect in a works situation than mere existing structure selection on our part.
It’s also a good deal more interesting to underwrite the unusual than to turn it away.
Like any insurer we’d like to see a spread of risk from our supporting brokers rather than just difficult risks, however, we acknowledge that it’s sometimes not possible if you don’t have a large portfolio of this class of business.