Folgate lends a helping hand to brokers and their Contractors & Construction risks.
We are already into February and are seeing signs of the market changing with General Contractors & Construction Risks. Many MGA’s have had their capacity withdrawn or restricted as the market hardens, along with Lloyd’s syndicates moving into run-off following a prolonged soft market.
Our Underwriting stance on Contractors has not changed and our product grew significantly in January due to some markets withdrawing capacity and appetite changes, including large rate increases.
Underwriting Guidelines – Primary Business
| TARGET TRADES | CONSIDERATION | DECLINE |
| Air Conditioning / Refrigeration | Non-Licensed Asbestos Removal (not in isolation) | Asbestos Contractors |
| Bricklaying | Structural Glazing Contractors | Basement Excavations |
| Builders | Depth limits in excess of 3meters | BFSC payments over 75% |
| Carpentry | Haulage | Cavity Wall Insulation |
| CCTV / Alarm Installation | Roofing which forms part of an overall contract | Demolition Contractors |
| Ceiling and Partition | Work undertaken in the EU | Heavy Civil Engineering |
| Computer / NetworkEngineers | Traffic Management | Northern Ireland Risks |
| Electrical Contractors | Tree Surgeons | Labour Supply |
| Fencing | Pilling / Underpinning(not in isolation) | Plumbing Contractors |
| Flooring | Rail Contractors | |
| Glazing / Curtain Walling | Roofing Contractors | |
| Ground Workers / Utilities | Steeplejacks | |
| Joinery | Security / Doormen | |
| Landscaping | Scaffolders | |
| Painting and Decorating | Solar Panel Installation | |
| Plastering / Rendering | Sprinkler Installers | |
| Steel Erecting Contractors | ||
| Tower Crane Operations | ||
| Waste & / or Recycling Risks |
Underwriting Guidelines – Excess of Loss
| TARGET TRADES | DECLINE |
| Low Medium & High Risk Liability | Hot Roofing Contractors |
| Waste & / or Recycling Risks |
Commissions Available, Extensions & Benefits
• Contractors commissions – up to 25%
• All other primary and excess commissions – up to 35%
• Low claims rebates
• Long term agreements
• Efficacy cover
• Financial loss
• Non-adjustable policies
Limits Available
| CLASS | PRIMARY LIMITS | EXCESS OF LOSS LIMITS |
| Employers Liability | £10,000,000 | £35,000,000 |
| Public and Products Liability | £10,000,000 | £35,000,000 |
| Contract Works | £5,000,0000 | |
| Own Plant | £500,000 | |
| Hired in plant | £500,000 | |
| Professional Indemnity | £10,000,000 |
Dan Watson, Head of Liability at Folgate commented:
“Despite Lockdown 3, our Liability team have been busier than ever trying to ensure we look after all the new enquiries coming in as well as our renewal book. Our liability team thrive on being busy and we are seeing a lot more risks to quote due within 2-3 working days because of the current market conditions. I am pleased to say that we are helping our supporting brokers in a changing market and will continue to do so during 2021”.
For enquiries, contact our Business Development Managers:
Derek Russell / 020 7256 3429 / Northern England & Scotland
Paul Craig / 020 7256 3418 / SE England & East Midlands
Tom Williams / 020 7256 3434 / SW England, Wales & West Midlands
Send your presentations to liability@folgateltd.com.
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