’There is a real opportunity in the construction sector for a product that meets the specialist insurance requirements,’ says head of construction
Insurance provider Markel has developed a new product for the UK construction sector in a bid to address “pain points” faced by those in the industry.
A statement released yesterday (21 August 2023) said the proposition, called Markel Construction, offers a full range of covers and extensions to meet policyholder requirements.
This includes fee for intervention, legionella, defective products, efficacy, offsite storage and professional indemnity (PI).
Those who take up the product will also have access to a 10-man underwriting team led by UK head of construction underwriting Martin Parker.
“There is a real opportunity in the construction sector for a product that meets both the specialist insurance requirements and the extended business needs of contractors operating in this space,” Parker said.
“Markel Construction delivers what our customers have told us they need and we are delighted to be announcing the launch of our offering today.”
This came after Markel conducted over 30 hours of qualitative interviews with brokers and end clients.
The firm said that this ”reinforced the team’s understanding of the sector’s most pressing current needs and revealed a number of pain points”.
This included difficulty placing PI and PI availability in a package, an increase in disputes and value, regulatory uncertainty and health and safety as well as employee relations and wellbeing.
As a result, Markel said there was an appetite for a wide range of construction risks across residential and commercial builders, building completion and finishing trades.
And to provide further support to customers, Markel Construction will provide access to in-house legal, tax and HR specialists as well as a suite of value-added services built for the industry.
”These will enable policyholders to run their business more effectively, saving time and money and reducing overall risk,” Markel said.
Managing director Neil Galjaard added: “Markel has a track record of really positive growth by successfully launching and trading products that have been carefully aligned to the needs of customers within a particular sector and backed by specialist teams of underwriters experienced in that sector.
“We are confident Markel Construction will be the same – supporting brokers in providing a market-leading proposition for their clients.”
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