Contractors all-risks scheme is designed to meet brokers’ needs
Incorporated Insurance Group is today launching a new contractors all-risks (CAR) scheme for the construction industry to support its growing broker base.
CAR policies cover liability for third-party claims for injury, death and damage to property, as well as damage to existing buildings and those under construction during the building process.
IIG’s policy, which is backed by an A-rated insurer, provides cover across the European Union for contracts worth up to £5m, including own tools cover up to £250,000, employees’ tools up to £50,000 and a 20% escalator clause.
IIG chief executive Mike Smith said: “We are starting to build a great reputation as a broker champion and this product is yet another example of how we listen to our brokers and build our products to help them get more clients. It’s great news for IIG and great news for regional brokers.”
IIG head of contractors’ underwriting Dean Surridge said: “The product came about as we had so many brokers who were looking for this cover. More than 50% of the enquiries we see have a CAR cover request attached, so it’s an important class for brokers.
“Contractors all-risks can often be a problem for brokers to place as the product sits somewhere between the liability department and the engineering department in many insurance companies. Many simply choose not to provide this much needed cover.
“As specialists in the contractors market, IIG realised that this was an important cover we needed to provide our brokers so we are pleased to be able to launch this new scheme from today.
“The scheme is exclusive to IIG and backed by a Standard & Poor’s A-rated insurer. The product is looking to help brokers write a wide range of cases with a minimum premium starting at just £500 +ipt.”