INSURANCE FOR TURNKEY CONTRACTORS
Without a first class insurance agent there’s no insurance and no tender.
This is the biggest problem with insurance for turnkey contractors. The tenders for such projects are usually commissioned by public institutions and they contain specific demands for Contractors All Risks insurance, and compliance with these demands is a precondition to every tender, without which the bid will be disqualified.
In most cases winning the tender involves providing an undertaking to provide an insurance policy and a certificate of insurance which are compliant with the demands of the tender immediately after winning the tender (which can sometimes contain quite onerous requirements). These demands can translate into higher premiums for the insurance policy or the refusal of the insurance to confirm the conditions required by the principal.
This is the precise reason why you need a professional and experienced insurance agent.
SIGNING CERTIFICATES OF INSURANCE
You’ve won a tender? Congratulations!
Now is the time to provide a singed certificate of insurance from the insurance company compliant with the wording and conditions appearing in the certificate that was attached to the tender at the beginning of the process. This is a complicated and intrinsic process both due to the tight deadlines as well as due to the need to arrange adequate insurance to cover the risks arising from the project regardless of the insurance requirements of the principal which do not necessarily reflect your own requirements.
To obtain a quotation for insurance cover tailored to your needs
Our motto “The leading insurance agency in the construction industry” is not just a saying
We have earned our status in the market after extensive experience in arranging insurance for the construction industry and nurturing long term relations with the insurance companies with whom we arrange Contractors All Risks, Professional Indemnity, Products Liability and other policies. Our experience and connections enables us to provide you a Contractors All Risks policy for turnkey contractors that complies with the requirements of the tender, reduces bureaucracy and no less important is competitively priced.
✔ Reduced timetables – We are committed to providing you with the certificates you need as a matter of top priority to enable you to comply with the demands of the principal. We will be pleased to explain how things work during our preparatory meeting.
✔ Cost – We can help you obtain significant reductions in the cost of insurance for turnkey contractors such as Contractors All Risks, Professional Indemnity and Products Liability.
✔ Creative solutions – Every contract and tender has their own unique requirements. If we add the fact that Contractors All Risks policies for turnkey contractors are based, to a great extent, on your duty to provide certificates of insurance at the conditions demanded by the principal it is the job of the insurance agent to find creative solutions to these demands. Our word carries weight with the insurance companies and we can either obtain a signed certificate exactly as required by the principal, or to find an alternative solution that will be acceptable to the principal.
✔ Client care – Issuing the policy is just the first step. In the unfortunate event of a claim we are here to assist you and ensure that you maximise your rights under the policy. To this aim we work asides a team of experts to assist in the event of severe accidents or major insurance claims including loss assessors, engineers, accident investigators and specialist lawyers in the case of severe accidents.
We don’t just sell you a policy – we also ensure that each and every clause is honoured by the insurance in the event of a claim.
For information or details about the type of insurance required,
please fill out the form and we will contact you shortly
Professional Insemnity Insurance that protects you in the event of errors and omissions
The insurance cover under a Professional Indemnity policy for contractors usually only provides partial and limited cover. If it was possible to arrange fully comprehensive cover, a huge range of risks could be insured against, although that’s unfortunately not the case. The policy provides cover for the professional activity of the insured as a contractor, however in most cases the policy excludes repeating defective work – an exclusion that means that most probable claims are not covered.
Nonetheless, most turnkey contract tenders are public and not private and the principals demand Professional Indemnity insurance as a precondition to participating in the tender.
Products Liability Insurance for turnkey contractors
Products Liability insurance covers you against damages arising from defective products, namely the building or any part therein after hand-over of the project and after it starts to be used.
The Sale Law holds the seller (the principal or the contractor) liable depending on the type of defect outlined in the law for a ten year period. However the liability for construction, for example, was until two years ago unlimited by time until it was limited to a maximum of twenty years.
Many companies undermine the importance of such an insurance policy for various reasons. This is a serious risk that I would not take…
Insurance for preservation and restoration of buildings
Insurance for projects involving preservation and restoration of buildings can be a challenge for experienced professionals. The inherent risks involved in such projects are severe since in most cases the works are performed in very old and dilapidated buildings, it is not always possible to obtain the original plans of the building and in many cases various trial works are undertaken in order to “sound out” the condition of the building and establish how the works can be performed without causing the building to collapse with the risk of damages to the owners of the building as well as to the surrounding area. Obtaining insurance cover for such projects is a difficult task due to the risks involved and the need to comply with legal requirements relating to the preservation and restoration of buildings. If that deters you, contact us, we have the solution!
