Major player to up industry offering

Major player to up industry offering | Insurance Business

Major player to up industry offering
Vero has announced that it has expanded its risk management offering to the construction industry.

In a statement, the insurer said that “thanks to a highly competitive market,” it will expand its “risk engineering capabilities…offering expert advice to identify and mitigate the risks present on construction projects”.

Construction risk can include public liability exposures, fire, structural integrity and a host of other possibilities. Following the Barangaroo fire in March 2014, the company has seen an uptick in the industry.

“The construction industry faces higher levels of risk compared to many other industries, because projects usually involve a range of different and complex activities happening simultaneously,” said Richard Fenton, manager of risk engineering at Vero Insurance.
“Today’s construction project managers have to establish effective risk management systems and procedures without negatively impacting the project timeline and costs.
“Many project managers and contractors are unaware that insurers and brokers can provide risk management advice – this is a great opportunity for the insurance industry to provide added value to customers.”

Fenton stressed the importance of risk control and monitoring in the construction industry and believes the advice that Vero and brokers can offer will help project managers.

“The project manager must also factor in time to assess, control and monitor risks for each construction activity. It helps to have expert advice when establishing comprehensive and well-resourced risk management systems and procedures.
“Applying risk engineering practices to identify and manage risks as part of an insurance program can minimise or even prevent losses should an event occur and have a positive impact on premiums.