Number of UK Construction firms continues to rise

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The number of construction firms operating in the UK has risen 6.2% since 2016 to 314,590; and as those numbers continue to rise so to do the demands on the construction insurance market.

 

Many Commercial Combined policies have a Contract Works section included but limits are often low and referral into this type of underwriter is not always an easy process for a broker.  Geo Specialty aims to connect regional UK brokers with experienced, international construction underwriters; our Contract Works policy includes all the basics of CAR policy alongside a number of additional benefits;

 

  • Contract Works for single projects
  • Terrorism available through Geo Specialty Political Violence
  • ECIP programme
  • Compliant with JCT and other joint contracts
  • Wide cover including DE5 Defective Design and Guarantee maintenance

 

We can quickly and competitively cover Commercial risks with contract values up to £5m in respect of new builds, extensions and refurbishments.  Higher contract values, 18 month + contracts, and Chemical and Petrochemical occupancies will be considered on referral.

 

Naturally with the increasing numbers of construction firms, levels of construction-related employment in the UK increased by 3.8% last year with the majority of jobs centred around London, the South East and the North West of England.  For businesses considering their Employers and Public Liability we can include this through Geo Specialty Liability.

 

We can also offer brokers construction and liability cover for single projects for a number of trades including;

  • Builders
  • Heating engineers
  • Demolition contractors
  • Glazing installers
  • Crane operators
  • Roofing contractors
  • And many more…

 

Geo Specialty offers the unique benefit of having Construction, Liability and Political Violence teams under one roof, with fast turnaround times and flexible underwriting options we can protect your clients from the ground up.

 

Contact Chris Thomas for more information on chris.thomas@geospecialty.co.uk or 07483 929 370

 

Source: ONS Construction statistics: Number 19, 2018 edition

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