Posted on June 6, 2014
Bob the builder is currently much busier than in previous years as the construction industry is now the fastest growing sector in the UK economy.
The construction sector accounts for 6% of the UK economy. A recent report by Allianz Insurance states that this sector grew by 1.3% in 2013 compared to a 7.5% decline in 2012 with growth predicted at 4.5% annually for the next 3 years.
The report also notes that the industry has changed significantly with new methods of construction needing to be taken into account such as modular construction. Potential problems also arise from shortages in the supply chain following the recession. A lack of bricks following the closure of many kilns is a prime example. Such shortages can potentially lead to a claim for Business Interruption.
Anyone considering a construction project needs to fully understand the risks involved and to ensure that they have a suitable project policy in place well before a spade is put in the ground. Pii deal with ACE, Allianz and Zurich who are all acknowledged experts on Construction All Risks Insurance packages. These encompass all the areas of risk around a build and provide comfort that there are no gaps in cover.