If you ask broking boss Lyndon Wood (pictured), now is the time for UK construction firms to implement insurance measures against the risks that Brexit – hard or soft – will likely bring.
“It’s vital that construction firms talk to their insurance brokers now to prevent losses and to ensure that adequate cover remains in place,” stated the Constructaquote.com chief executive.
“If different materials are being used due to spiralling costs or security is increased because of a lack of staff onsite, insurers need to know this information or construction firms could find their policies are deemed invalid.”
The specialist brokerage noted that the UK’s Halloween split with the European Union could lead to rising costs of importing building materials and a decline in the number of EU workers on construction sites, as well as a reduction in funding from the European Investment Bank if projects are placed on hold.
“While nobody quite knows the full impact Brexit will have on the UK construction sector, it is clear there will be challenges ahead for all of us, at least in the short term, as we adapt and move forward,” said Wood.
The CEO, however, is confident that the construction sector will continue to be a thriving and vibrant contributor to the British economy “that will prove to be a positive force once again as we negotiate new deals with other countries and adapt to a new way of conducting business.”