Understanding run-off & annual turnover policies

construction single

When you take out an Annual Projects policy, it can be set up on a run-off or annual turnover basis. Usually depending on the type of projects you take on, and how many you take on, you can choose which type of policy suits you best.  Fast Facts MECON’s run-off insurance covers projects commencing during […]

60 day cessation of work

60 day cessation of work

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 […]

Who’s who in the MECON zoo?

who's who in the mecon zoo

This year, it would seem ‘ongoing change’ is the ‘new normal’! We’ve gone from remote working to a hybrid return to work, we launched our completely revamped broker platform, MECONLINE, and we’ve also had a number of people changes and promotions, starting with none other than our new General Manager (formerly Victorian State Manager), Jon […]

Floods & COVID Delays

Floods & COVID Delays | MECON Insurance

The construction industry we support has suffered through COVID with: Supply chain delays Material shortages Labour cost increases Liquidated damages exposure (through delays) Impact of fixed-price contracts (with costs increasing) Contracts incepted before COVID hit not having terms allowing for the effects of COVID or Force Majeure. As if this was not enough, the construction […]

Impact of COVID Shutdowns on Construction Contracts

With the recent COVID-related shutdowns of construction sites in NSW, four FAQs have arisen: Can builders claim for Extensions of Time (EoTs)? Can Liquidated Damages (LDs) still be applied? Do the COVID shutdowns constitute a Force Majeure? Does my construction insurance cover me for the consequences of a COVID-related delay? MECON sought advice from construction […]

Understanding “Market Value” Applying to Plant and Equipment

Why do we use “market value”, how is it established and what are the potential issues? Firstly, some policies define market value as the cost of replacing lost or damaged plant and equipment with plant and equipment of similar type, age, condition, and capacity. If installation and/or commissioning costs are required, these would also be […]

A change to the Building and Construction Industry Security of Payment Act 1999 (NSW)

Until now, the Building and Construction Industry Security of Payment Act 1999 (NSW) only affected the commercial building sector. From 1 March 2021, owner occupiers are required to understand and apply the Act as it relates to their family home. What does this change to the Building and Construction Industry Security of Payment Act 1999 […]

Sustainability and building climate change resilience

We recently had environmental scientist Tim Jarvis in our office to talk about sustainability and building climate change resilience. There is so much information and misinformation that it’s difficult to know what to do and how when it comes to looking after our environment, but Tim was able to offer quite a number of tips […]

Market summary | Mecon Insurance

Lexology published a detailed market insight by Clyde & Co, and our own Glenn Ross has provided an excerpt of relevant information below. The full length document is available here. Since 2017 there has been a rapid withdrawal of professional indemnity insurance capacity from the Australian market, both in the construction sector and generally. The […]

An overview on the NSW Design and Building Practitioners Bill

I wanted to take a moment to discuss the current state of the construction insurance market, which, as you likely know, includes challenges such as: Lloyd’s markets withdrawing capacity PI markets under pressure Capacity and appetite shrinking across all construction-related insurances Accelerating public liability losses (with workers’ comp insurer recoveries for injuries to workers onsite […]