Facility to cover liability for trackside work
Essex-based MGA Incorporated Insurance Group (IIG) will launch a new facility for contractors who work close to railway tracks on 1 December.
IIG underwriting manager Dean Surridge said that trackside work is normally excluded from liability insurance covering contractors.
Surridge said: “This leads to their broker frantically scouring the market to find a carrier who can accommodate this increased risk. At IIGL, we have developed a new facility that allows these contractors to include this work as part of our Contractors All Incorporated product.”
IIG chief executive Mike Smith added: “With the proposed HS2 (High Speed Rail Link) due to start work shortly, there will be an increase in demand for contractors working trackside so we have developed this product to fulfil this new opportunity.
“When we started to research the market, we realised how difficult it was for our brokers to place this business so we knew we were on the right track.”
Smith, former managing director of MGA Ink Underwriting, launched IIG in February 2013.