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UK insurers liability exit could see premiums rise
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How do insurers calculate a contractors liability Insurance Premium?
Activities and sectors will have their own rating of risk, and insurers will be interested in the types of projects and in which the contractor is involved in.
The turnover is an important rating factor when an underwriter is considering an insurance premium, as this is the one element that all companies can be judged on.
The size and complexity of contracts is also taken into consideration. Small office projects can be considered lower risk, as opposed to being the lead contractors for a high rise London projects, where the total losses could potentially be in the millions should a claim arise.
Newly established businesses can be seen as a higher risk to insurers, as there is a lack of trading history to confirm a good claims experience and ability within the industry. When presenting a risk to an insurer, it can be beneficial to provide a copy of the directors’ CV’s, as this can present a better picture of the business or person being insured.
Does the contractor carry out any work overseas? Specialist Contractors often find that their services are required all around the world, especially in developing countries where there can be a skills shortage.
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