Products liability insurance. Insurance that protects you against disasters that have not yet happened! Would you believe?!
Products Liability Insurance is designed to compensate the insured for their legal liability to third parties in connection with damage occurring due to a product for which the insured is liable, provided that the product is no longer in the direct possession of the insured and on condition that the damage occurs after the retroactive date stated in the policy schedule.
This is effectively a type of consequential loss cover, that is, it covers damages which may occur as a result of a defect in the “product” (the building in the case of Products Liability for completed operations) or any part of it, after the project has been handed-over and starts to be used.
It is important to bear in mind that the Defective Products Act - 1980 (relating to bodily injury) defines a product as something which is connected to the ground, including a building.
If the risk appears to be remote, bear in mind that a disaster of this type can be extremely difficult to cope with when it pops up unexpectedly.
Whilst insurance for contractors, Contractors All Risks insurance, other policies for property developers and Professional Indemnity insurance usually provides cover for the period of time in which the projects is being carried out, Products Liability insurance provides cover for a long period of time after the project has been completed (the Sales Law proscribes a 10 year warranty period and in certain cases, such as liability due to structural engineering – the liability period can be as long as 20 years).
To obtain a quotation for insurance cover tailored to your needs
You might expect that insurance cover for such a long period will be very costly. However, this is precisely where we come into the picture.
Benefit from an expert team with 25 years’ experience in dealing with insurance for construction projects
Since it is almost impossible to predict problems that may arise in the long term, the insurance companies are not always keen on providing this cover and for this reason the cover can sometimes be quite costly. Based on our experience in the insurance industry and specialism in the construction sector, we have a reputation for being a professional insurance agent with the insurance companies: We provide them with detailed and orderly information which has been verified together with proposals for creative solutions to deal with the unknown, all of which allays their concerns and ultimately saves money for the client. Furthermore, we offer added value in other areas such as:
✔ The scope of cover – We have the ability to reduce premiums without compromising the scope of cover. This is the advantage of 25 years’ experience as a specialist construction insurance agent. We have sufficient past experience to adopt a forward-looking approach to handling the risks you face.
✔ Cost – We are able to obtain significant reductions for our clients for Contractors All Risks, Professional Indemnity and Products Liability insurance. Our success to date means that small contractors can benefit from extensive cover usually reserved only for large contractors.
✔ Secure insurance cover – The policies we formulate are based on creative solutions that satisfy the insurance companies’ requirements and fully protect the client. A secure policy is one that has been individually tailored and agreed on before signing in order to avoid disagreements and disputes concerning interpretation of the cover in the event of a claim.
✔ Support service – We work in close cooperation with a team of experts including insurance loss assessors, engineering experts, accident investigators and lawyers to assist you in the event of a major claim or a serious accident.
Our team is focused on ensuring you are protected, your uninsured losses are minimised and that the insurance company fully honours its commitments.
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Contractors all risks insurance
The basic policy includes three sections: Property Damage, Third Party Liability and Employers Liability. Nonetheless, each project needs a policy which has been individually tailored to its uniqueness. This is where we come into the picture to ensure you have the optimal cover at the most competitive price.
Comercial insurance for construction companies
We look beyond offering a standard, off-the-shelf commercial insurance policy to construction companies. Every construction company has its own unique activities and hence every policy we arrange is tailored to provide the maximum scope of cover and protection for the individual company. How do we ascertain what risks need to be covered?
Professional indemnity insurance
Construction projects are rarely free of planning and construction errors, delays in handing-over the property or defects which are discovered after hand-over, asides various other scenarios that can arise as a result of a breach of a professional duty.