The Construction Confederation (CC) has renewed calls for the greater use of project-based insurance in the UK construction industry.
A CC spokesman said the industry would benefit from "the wider use of project-based insurance".
"It reduces costs by removing overlapping cover and fosters a non-confrontational approach to resolving crises," the spokesman said.
It is common practice for each individual party involved in a project to arrange their own cover, but critics said this wasted time and resources.
Weightman Vizards construction partner Mike Grant said project-based insurance would result in large savings for UK contractors.
"[Project-based cover] avoids duplication in terms of cost and time by providing cover under the umbrella of one policy," said Grant.
Grant cited the BAA Heathrow Terminal 5 project as an example of the effective use of project-based insurance.
"The use of project-based insurance [on the Terminal 5 project] meant issues were dealt with swiftly," Grant said.
Grant added that the UK construction industry was warming to the idea of project-based cover.
"There are signs of greater cooperation and integration in relation to project teams."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
