A collaborative approach to construction risk
Line of Business: Owner-controlled insurance programme
The power of three: we worked collaboratively with a broker and their construction customer to develop a compelling, bespoke insurance programme.
Following recent successes with RSA, one of our valued brokers approached us to work exclusively with them to develop a compelling, bespoke proposition for an Owner Controlled Insurance Programme (OCIP) for a new construction customer.
Together with the broker, we met with the customer’s COO and Construction Director to understand the technical insurance risks for the initial project.
By working closely with the customer and broker, our underwriter had an opportunity to explore the technical aspects of the risk, and respond with made-to-measure cover for liability and loss that would extend to the customer’s upcoming order book.
Drawing on our know-how and expertise in the construction sector, we developed a bespoke, market-leading proposition beyond our standard offering, including an ongoing, intensive programme of risk consultancy. We also provided a Risk Management bursary to install water leak detection measure, to mitigate risk and safeguard the customer’s business and reputation.
The broker was able to capitalise on a wider business opportunity, beyond the initial project. The customer is seeing sustained benefit from an ongoing programme that will accommodate future projects, with predictable pricing and terms. Our intensive programme of risk consultancy will continue to support the construction customer by helping to identify and quantify risks for future projects.