New product will save building industry thousands in premium
Beech Underwriting, a specialist provider of stand alone terrorism, has launched a new product that it says will save the building industry thousands in premiums.
Up to now terrorism premiums have been based on a company turnover when insured through the Government-backed scheme with Pool Re.
Beech has now turned that completely upside down in that cover brought through Beech Underwriting, backed by top syndicates in Lloyd’s, can be brought based on a maximum limit required for the year.
For example, a company with a turnover on £25m and working on risks in Zone B - which covers the area of Inner London, the Channel Tunnel and central business districts - up to a job contract of £5m would expect to pay at least £7,500 and insurance premium tax (IPT) per year under the Pool Re scheme.
With the Beech scheme, the premium would be £1,000 and IPT, which is a substantial saving to the client.
Geoff Stilwell, managing director of Beech Underwriting said: ”We have been working with our underwriting partners for some time, to find a way of providing terrorism cover for contracts works policies that give the client better value and allows the client to choose the limit required. Cover can be brought up to a maximum of £50m any one contract”.