Insurance company surveys. Exactly where our extensive experience in the construction sector comes into play.
Insurance company surveys (carried out on behalf of the insured company by a specialist construction industry surveyor) will usually determine the protection recommendations for the project which is to be insured.
In some cases these recommendations will become a precondition to the insurance cover in the event of damage to the project or bodily injury to an employee or third party in the project.
In some cases, the survey will also have an impact on the actual works and in the event of a loss may also lead to avoidance of the insurance cover in the event of failure to comply with these demands.
The survey is particularly important in the case of various types of Contractors All Risks policies covering construction works, National Outline Plan 38 projects, preservation and renovation projects, Demolition and Rebuilding Projects and the like and there are two possible scenarios of the stages involved in arranging an insurance policy until it is signed-off.
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Insurance company surveys
Our policies- the scenario
This is the scenario that leads to the opposite result compared to the one we described above. From our perspective, it is better to conduct negotiations, address each clause and obtain all of the professional guidance and support required before issuing the policy in order to avoid disputes arising in the event of a claim.
As a leading insurance agent, you benefit from our expertise and the unique benefits we can obtain, coupled with the vast experience we have gained and the professional knowledge we have acquired, not only in insurance but also in the construction industry and our willingness “to get our hands dirty” to provide our clients with the best:
1. Devising creative solutions to pave the way for maximum cover to enable you to obtain the maximum cover and alleviate the concerns of the insurance company regarding the risks arising in the project such that the findings of the surveyor will be realistic and practical to implement from your perspective.
2. We’re not afraid of hard work! Quite the opposite, we have acquired extensive experience from learning how to identify in advance the risks that can form the basis for disputes or demands by the insurance company. In parallel, we rally all of the support, backing, expert reports and surveys of neighbouring buildings and everything else required to provide you with a policy that provides maximum cover at a competitive price.
3. We are here to serve you, available to assist with any matter that arises, willing to provide you with professional advice and guidance with the aim of avoiding unnecessary risks. In the event of a claim under the policy, we can also arrange for a team of insurance experts and other professionals who we have been working with for many years to assist in ensuring you maximise your rights under the policy.
Insurance company surveys
The usual scenario
This scenario is the most frequent in the Contractors All Risks sector and the result is usually that the client gets the minimum cover under the policy, ultimately leading to a situation in the event of a claim where disputes can arise concerning the insurance cover and the need to appoint experts to prepare special reports in an attempt to obtain compensation.
In this scenario, the insurance agent acts purely as a post box, sending the insurance company’s survey to the contractor to be signed. The result is that numerous exclusions and protection warranties appear in the survey report, in other words – the insurance cover is basic and quite often less than basic, and there are several reasons why things operate in this manner:
1. In this scenario, the powers that be are not acting in your best interests to deal with the demands and recommendations in the insurance company surveys. In many situations the insurance agent is not sufficiently experienced in dealing with the construction industry, let alone with the diverse range of insurance covers – and these are basic prerequisites to handling this class of business professionally.
2. Devising any type of Contractors All Risks insurance policy involves intensive work! The process is intricate and demanding, demands a high level of concentration, long work hours, managing a team of professionals, experts, commissioning and addressing expert reports, conducting construction site visits and holding meetings to formulate a policy with the wides insurance cover after conducting in-depth work.
3. Since most insurance agents deal with all types of insurance (motor, home, life and more); from an objective point of view they cannot be experts in handling Contractors All Risks policies, or dealing with insurance experts, engineers, surveyors and others involved in the construction industry to provide the client with the optimal and most professional support.