Latest update from Glenn Ross

Dear all

Firstly a word to the wise:

  • If you have been following the media relating to the construction industry, you will know that your clients in construction are very likely to need their maximum sums insured increased (by as much as 45%) and the maximum duration for project builds (by as much as double).
     
  • Second-hand plant and vehicle prices have surged. Sums insured have increased dramatically.


Please contact your construction and plant-owner clients ASAP to review sums insured and current duration of projects. The chances are that both have increased and this will need to be reflected in revised schedules.

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.

Click here for some specific examples where our policies differentiate from typical wordings, and offer better benefits and protection for your clients. 

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!

update from glenn ross

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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