Although contractors and brokers continue to push for lower project premium to reduce cover costs, multiline solutions can appeal where they mitigate against the cost of project delay and third party risks. Managing project costs is a key consideration for contractors. Therefore multiline solutions must resonate with this need or risk being rejected as unnecessary cost increases.
Access to a hub of specialist and expert underwriters is seen as a critical capability key to quick decision making and good service delivery for new business as well as renewals. Likewise accessible and specialist Claims experts with the authority to act are a cornerstone of a good claims experience. The contractual demands of the project stages underpin the importance of the speed and efficiency of the claims process.
Having certainty about what and when triggers pay the claim can help contractors manage cash flow in the event of project delay. It also reassures project creditors by giving clarity around the claims process and that claims are more likely to be settled quickly.
Brokers report contractors tend to have the necessary risk consulting services in house; which they in turn can support. Insurers have an opportunity to complement contractor, as well as broker capabilities, with additional underwriting and claims insights that can help manage project risks.