NMU revamps construction product
Authored by NMU
Delivering on our commitment to review and develop our suite of products based on feedback from our insurance broker partners, we have relaunched our construction insurance product suite to better meet the needs of modern contractors and construction companies.
A key focus of the revamp was the amalgamation of our previous contract works/contractors’ all risks (CAR) and erection all risks (EAR) products into a single construction insurance solution, available as either an annual or project specific policy. Although it can form part of the construction insurance package, contractors’ plant Insurance can still be sold as a separate product and has also been updated.
Construction insurance, rebuilt
As part of the product revamp, additional elements of cover have been included:
- Cover can be provided outside the United Kingdom, the Channel Islands or the Isle of Man, which will be assessed at the point of quotation and subject to legal and regulatory restrictions
- Cover for general average and salvage charges, where contract works, construction plant or temporary buildings are being transported by sea for international projects
- Defect Exclusion 4 (DE4) cover as standard
- No maximum contract period or value exclusion
- Basis of claims settlement on new owned plant has been increased from 12 months to 24 months
- Cover for items on free loan included
- A revised plant security approach
These additional elements of cover can be subject to limitations and conditions which can be found in the policy documents, available upon request.
Alan Scholes, Construction and Engineering Underwriting Manager, comments on the construction insurance relaunch.
We’re delighted to bring a fresh construction proposition to the market to further support our broker partners and policyholders. We believe that this new proposition, reinforced with the service provided by our team of underwriters and claims handlers, is one of the most comprehensive offerings on the market. We hope that this gives brokers even more confidence, knowing they’re providing their clients with a solution truly fit to meet their insurance needs.
Looking for more information?
You can learn more about our new product offering by visiting the NMU Construction Insurance page.
NMU is an award-winning provider of specialty insurance solutions
We are the first choice for brokers looking for specialty insurance, offering solutions that are not simply off-the-shelf, but built upon a real understanding of the risks faced by policyholders. This, together with our ability to write risks such as storage, installation, construction and exhibitions outside of the UK and offer terrorism cover on overseas property, sets us apart from the competition.
You can count on us, when you need us most! We are NMU
Our team of professionals based across the UK, provides customers with an in-depth product knowledge and a real personal service.
We provide bespoke insurance products that are not simply off-the-shelf solutions, but built upon a real understanding of the risks faced by policyholders as well as offering added value services to benefit our clients.
Our product and services range comprises:
Cargo Insurance: Marine cargo policies cover goods during import and export, including any incidental storage, as well as domestic distribution. Stock throughput polices can cater for all this plus other, intentional storage…read more
Engineering Insurance: Covering contractors’ all risks (CAR), erection all risks (EAR) and contractors’ plant; machinery movement (and installation), breakdown and business interruption; deterioration of stock; and electronic risks…read more
Claims Management: We pride ourselves on prompt and efficient claims management, which is supported by the use of independent surveyors and adjusters to quantify larger losses and to give advice on mitigation measures…read more