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Despite sky-rocketing increases in insurance premiums for building contractors, with increases of over 500% reported in some trades, the Federation of Master Builders has managed to peg typical increases for many trades at just 17.5% through FMB Insurance Services for existing customers with clean claims records.
Said FMB Director General, Ian Davis
"Our members have been insulated from some of the price rises in the market because of preferential terms negotiated last year by FMB Insurance Services. We have received a record number of insurance enquiries and in contrast to stories in the press, virtually all those applying have been able to obtain cover."
The FMB is also advising members if they are finding it difficult to obtain cover. One member faced with the prospect of being uninsured after a substantial claim for an accident on site obtained cover after FMB Insurance Services worked with him to redefine his Health & Safety Policy and procedures and presented this to insurers on his behalf.
Said Ian Davis:
"One thing that has become apparent is that to be classified as a 'good risk' contractors must present themselves in the best possible light. The better a company is able to demonstrate a responsible attitude to risk generally, and more importantly, to health and safety and loss prevention, the more chance there is of the risk being accepted. This is the message we are actively promoting to members."
First posted: 18 September 2002. Last modified: 18 September 2002.
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