Navigating Construction Insurance: Insights from Graham Moore, Construction Account Handler
At Clarke Williams, our team is driven by deep industry expertise and a commitment to exceptional client service. Graham Moore, one of our seasoned account handlers, brings extensive experience in the construction sector, making him an invaluable asset to our clients. In this interview, Graham shares his insights on what sets apart exceptional service in construction insurance, the importance of detailed risk information, and the key areas contractors should focus on to ensure comprehensive coverage. With years of hands-on experience, Graham offers a unique perspective on the challenges and solutions in the construction insurance landscape.
In your role as an insurance broker specializing in the construction industry, what do you consider key indicators of exceptional service in this sector?
Firms in the construction industry often approach us with insurance requirements for contract tenders, and these can often be urgent. Clients expect us to turn quotes around quickly so they can submit their tenders on time. The key indicators of exceptional service in this sector are responsiveness, accuracy, and the ability to meet tight deadlines without compromising on the quality of coverage offered.
How important is good risk information, especially information such as accreditations and qualifications, in reducing an insurance premium?
Good risk information, such as accreditations and qualifications, is crucial in reducing an insurance premium. These details allow us to demonstrate to a prospective underwriter that a company is well-run, which not only encourages them to take on the risk but also potentially allows them to offer additional discounts. It also attracts a higher number of insurers to the risk, increasing competition among them and driving down the premium further.
Can you share specific instances where you’ve been actively involved in enhancing coverage for businesses within the construction industry?
In my role as an insurance broker, it’s important for me to highlight gaps in coverage to clients and recommend that they consider increased limits of indemnity to provide greater protection in the event of a large claim. For example, I often recommend higher Public & Employers Liability limits, as well as additional coverages such as Management Liability (Directors & Officers), Cyber Insurance, and Professional Indemnity. These enhancements can make a significant difference in protecting the client’s business.
What area of coverage is most overlooked by contractors?
Contract Works insurance is often the most overlooked area of coverage by contractors. It is vital for businesses in the construction industry to be adequately covered for damage to the contract works, as a large loss, particularly close to completion, could financially ruin a firm.
From your perspective, what are the most critical aspects or considerations when it comes to insurance for businesses in the construction industry, such as contractors, builders, and associated enterprises?
The most critical aspect is ensuring that your limits of cover are adequate for the size of the firm and the size of their contracts. This ensures that the business is fully protected and can meet its contractual obligations.
Could you provide examples of challenges or issues that your clients in the construction sector have encountered, and how your insurance solutions have addressed or mitigated these challenges?
One of the biggest challenges facing firms is satisfying the contractual requirements of customers, as they often request very high levels of cover that firms wouldn’t typically obtain. These sometimes take time to arrange, but we always do everything we can to meet these needs and ensure that our clients are adequately covered.
What would be your top insurance tip for businesses in the construction industry, given your expertise in providing coverage for this sector?
My top tip is to take your Health & Safety (H&S) seriously and do everything you can to avoid claims. Claims obviously increase your insurance costs, but even when claims become old, insurers are often reluctant to reduce premiums again as they like to see a clean claims history over five years. Good H&S practices will also help protect you from legal issues and prosecutions.
What’s the most interesting risk you have insured within the construction industry?
One of the most interesting risks I’ve handled was arranging a £50 million Public Liability limit for a café fit-out at the bottom of a well-known tower building in central London. As you can imagine, this required a number of layers, but luckily, having good relationships with underwriters allowed me to arrange it fairly easily.
Final Thoughts
Graham’s deep understanding of the construction sector and his dedication to protecting our clients underscore the value of having a knowledgeable insurance partner. Whether you’re navigating complex tenders, enhancing your coverage, or ensuring you’re fully protected, Clarke Williams is here to support you every step of the way.
Ready to safeguard your construction business with tailored insurance solutions? Contact us today to discuss your specific needs and discover how we can help you secure the best coverage at competitive rates.
Get in touch with our team at 01732 252 898 or info@clarkewilliams.co.uk, and let’s build a stronger, more secure future for your business.
