Due to a surge in house building the UK construction industry is hiring staff at a record pace which is proof that growth is finally returning to this badly hit sector.
The Markit/CIPS Construction Purchasing Managers Index (PMI) rose from 62.5 in June from May’s 60. Anything above 50 indicates growth.
So what has this got to do with Construction Insurance ?
We have seen a lot of activity from our existing clients wishing to increase their levels of insurance cover to take into account new contracts they have recently undertaken or won.
Moreover, there has been an increase in demand of Construction Bonds to facilitate success of winning contracts.
Therefore it would be wise to re visit your current insurance policy to make sure all the risks involved are fully covered. This includes, inter alia, making sure your policy covers you if you hire more sub contractors or if you Hire In more equipment. Some clients may even require you to have a higher limit of indemnity for your Public Liability cover.
If you have any doubts about any aspects of your cover, or wish to know more, please call our Construction Team on 0207 731 3700 or drop us an email.