Urgent newsflash: Maximum Project Durations and values specified in construction policies are being exceeded
Many factors causing increase in project duration and cost If you’ve been watching the news, you will know that the effects of many things that have happened since 2020 are dramatically impacting the construction industry. The effects of supply-chain delays, the war in Ukraine, trade-labour shortages and rising costs (particularly against fixed-price contracts) have all […]
Introducing MECON’s Builders Advantage Endorsement
MECON Insurance strives to create innovative solutions to help our insurance brokers better protect your clients, and Builders Advantage is the newest addition to the toolkit. After feedback from our brokers, we designed this endorsement to address concerns surrounding fixed-price contracts and project duration overruns. Fixed-price contracts have been instrumental in some recently publicised building […]
Media release: MECON Insurance joins forces with Underwriting Agencies of Australia
MEDIA RELEASE: MECON Insurance joins forces with Underwriting Agencies of Australia Sydney, Thursday 7 July 2022, Australasia’s largest underwriting agency group, Steadfast Group (Steadfast), today announced that two Steadfast Underwriting Agencies, Underwriting Agencies of Australia (UAA) and MECON Insurance (MECON), will merge. From 1 July 2022, UAA, a specialist in mobile plant and equipment insurance and MECON, […]
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 […]
Understanding run-off & annual turnover policies
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
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?
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
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 […]
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 […]