A sustained rise in construction costs this year is increasing the likelihood of significant underinsurance of buildings in the UK. Recent data from RebuildCostASSESSMENT.com has highlighted how on average, buildings are covered for just 68% of the amount they should be in Britain. However, with rebuild costs rising rapidly, the current situation is likely to be even worse. According to the Builders Merchants Federation (BMF), prices have risen by between 10% and 15% for products and materials this year. However, some products, such as timber, have seen prices go up by 50% and by as much as … [Read more...]
What’s the difference between a labour only subcontractor (LOSC) and a bona fide subcontractor (BFSC)?
And when you need employers’ liability insurance. What is a labour only subcontractor? Labour only subcontractors are usually hired to assist with a build project when extra help is required. Labour only subcontractors become part of your team and work under your supervision, using tools, equipment and materials provided by your business. As they are employed for the duration of the build project, you are required to pay them the same wages as your full-time staff. You become responsible for their health and safety while they are at work. This includes making sure you have employers’ liability … [Read more...]
FCA Policy Checker
Check if you’re likely to be covered Clients with business interruption (BI) insurance can now refer to a policy checker provided by the Financial Conduct Authority (FCA). Based on the outcome of the FCA test case, the online tool is a general guide aimed at assisting policyholders to see if their coronavirus-related BI losses are likely covered. You can access the policy checker here. You will need to have your insurance policy schedule on hand. According to the FCA website: “The policy checker helps you to check whether the wording in your policy is the same as, or very similar to, the … [Read more...]
How to Avoid Underinsurance
Ensure you have the right amount of cover Suitable insurance forms a vital part of business continuity planning – but how can you be sure that you are buying the right amount of cover? Below we share some top tips from How to avoid underinsurance – A guide for small and medium-sized businesses produced by the British Insurance Brokers’ Association. Top tips Use professional valuation services to help you decide on your sums insured – useful information can be provided by your broker or insurer, or via http://abi.bcis.co.uk or www.rics.org/bcis. Regular valuations will help ensure the … [Read more...]
FCA Test Case Supreme Court Judgment
Supreme Court hands down its judgment On 15 January, the Supreme Court handed down its judgment on the FCA’s business interruption test case. It remains the case that most SME business interruption (BI) policies are focused on property damage and only have basic cover for BI as a consequence of property damage, so are unlikely to pay out in relation to the COVID-19 pandemic and its effects. Some policies contain ‘non-damage’ related extensions of cover for business interruption, such as infectious or notifiable diseases (disease clauses) and denial of access or public authority closure or … [Read more...]
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