The construction sector is one of the year's biggest losers. Independent Insurance wrote lots of keenly priced cover, which then had to be replaced.

And now the capacity squeeze is on, underwriters are walking away from this notoriously difficult sector.

Stories from contractors continue to filter in. Backchat heard that one firm this week put in a £500,000 claim after a fire at a site. It requested the first £50,000 from Independent just three weeks before it went bust.

Needless to say it continues to wait forlornly. It has, of course, as reputation demands, restored the site at its own expense.

The builder, which has an annual turnover of just under £30m per year, would normally expect to make 2% profit on sales. So the Indie's fall has wiped off three years of profit.

A leading broker in the sector tells of a client who paid £64,000 for liability cover. The company has just renewed at a rate, for the same cover, of £440,000.