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Putting contractors’ insurance needs first

At a glance

  • Designed specifically for mid-sized construction firms, Zurich 360° Contractor is Zurich Insurance's latest proposition for the sector

It can be tough being a mid-sized firm. Sometimes these companies feel overlooked in favour of the more numerous small businesses, or the financial muscle of the larger corporations. But not everyone has forgotten about the mid-sized contractor.

Zurich Construction, currently celebrating its 10th anniversary as a specialist segment of Zurich Insurance, launched a proposition especially for this sector at the start of 2011.

The product, called Zurich 360° Contractor, is designed for firms with turnovers between £5m and £50m. Zurich’s Corporate Construction Manager, Archie Johnson, says the intention was to fill the gap between packages designed for smaller firms (with turnovers up to £5m) and the more bespoke approach taken with larger customers. “We set out to create a proposition that met the main insurance needs of mid-sized contractors, who have increasingly sophisticated requirements,” he says.

A comprehensive approach

The core element brings together Employers’ Liability, Public Liability and Contractors’ All Risks cover in a broad policy wording, which includes extensions previously available only to larger firms, or at additional cost.

On the liability side, this includes a ‘Part Product’ extension, which moves the Public Liability cover into line with the ‘Limited Defective Condition’ clause of a standard Contractors’ All Risks policy. This means that the usual defective products exclusion is now restricted to the defective part, rather than the product as a whole.

For example, if (following the maintenance defects period) the roof blew off a building due to inadequate fixings, consequent damage to the remainder of the building would still be insured.

In keeping with this all-encompassing approach, there are also no exclusions regarding inefficacy (failure of the product to fulfill its intended function) or contractual liability, nor any warranties/conditions relative to subcontractors or the use of heat.

Key features of the Contractors All Risk policy are an Additional Costs of Construction extension at no extra charge, a Multiple Insureds/Non-Vitiation clause and an extended Speculative Building clause, which gives the insured cover for all unsold/let properties on site until 30 days after the completion of the last building thereon.

Image © Getty

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