A new, all-encompassing, seamless insurance product is set to reduce risk in the project sector significantly. According to Mike Brews, head of underwriting and marketing at Horizon Underwriting Managers, it eliminates any possible gaps in cover. “Different risks attract different policies,” he said. “In the project sector this means a host of different policies. There would be the liability cover, while imports would fall under a marine policy and engineering would have its own cover. This does sometimes result in a gap in the cover as the various insurance companies involved are not necessarily speaking to each other.” Brews said while the gap was not always large it did pose a risk to a project. “In an effort to address this, Underwriting Managers through Lombard Partnerships developed the product which ensures there are no gaps in the cover.” Brews said the policy was not a fit for all as complex projects required more complex insurance. “Every project is unique so when we are looking at the insurance it is done on its own merit and made up to fit its particular requirements.” He said the major benefit of the new product was that it made comprehensive cover available to the small and medium-sized projects that often did not have access to this type of cover because they were just too small. Brews said each specialist still handled their area of expertise, but the power lay in the seamless hand-over of cover from one to the other. “Because we are in constant communication with the various partners we, as a business overall, make sure that the project is covered at all times.”
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A major benefit is that it makes comprehensive cover available to the small and medium-sized projects. – Mike Brews
