Many factors present uncertain financial risks to contractors who are building in today’s environment. For example: supply chain delays, increasing material and labour costs, weather perils and pandemic. (Contractual solutions for these risks were provided in April’s newsletter link here.)
However, one factor remains certain, MECON’s commitment to its brokers and clients. This is seen in our practical assistance with the recent, and unique, risk mitigation clauses for head contracts. It is also evidenced in our actions and our words – or rather, our policy words.
60 day cessation versus 30 days
Take, for example, our 60-Day Cessation of Work “exclusion” (Most of our competitors provide only 30 days). Whilst this is a material damage exclusion, where cessation of work occurs beyond 60 days, its benefit to our clients (over our competitors) is essentially twice as practical/valuable.
During the pandemic, when work ceased on some worksites as workers and/or suppliers became affected by illness and labour/material shortages, or material supply was delayed, our policy provided the comfort of the extended cover needed – at no additional cost.
This is an often-over-looked advantage of our policy, but during the pandemic, and what has followed, many of our clients have been glad they had the cover.
Liability section doesn’t cease its cover when material damage ceases
It is worth mentioning, that unlike some of our competitors, the liability section of our policy does not cease its cover when the material damage cover ceases. In fact, an unattended construction site can present an increased risk of injury to trespassers (as recently and tragically occurred in Perth when children accessed a building site after working hours) or, more commonly, unsecured building material is blown off unattended sites causing third party damage.
Choose quality coverage for your client
Whilst MECON’s underwriting and claims service is well known, the overall quality of its policy coverage is sometimes overlooked – until extraordinary events occur…
Choose your client’s coverage with confidence. Choose MECON!