Beech Underwriting, known for its standalone terrorism insurance offering, has come up with a product for the building sector’s contract works – promising the industry thousands in annual savings.

Explaining how its proposition differs from Pool Re, the specialist insurer said the cover it provides features a maximum limit required for the year, instead of premiums being based on company turnover as is the case under the government-backed reinsurance pool.

“For example, a company with a turnover on £25 million and working on risks in Zone B up to a job contract of £5 million would expect to pay at least £7,500 plus Insurance Premium Tax (IPT) per year under the Pool Re scheme,” noted the independent provider. “With the Beech scheme the premium would be £1,000 plus IPT, thus making a substantial saving to the client.”

Beech Underwriting’s offer is backed by top syndicates at Lloyd’s.

“We have been working with our underwriting partners for some time, to find a way of providing terrorism cover for contracts works policies that gives the client better value and allows the client to choose the limit required,” said Beech Underwriting managing director Geoff Stilwell. “Cover can be brought up to a maximum of £50 million [for] any one contract.”

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