Markel rolls out new product for UK construction sector

Underwriting head identifies "a real opportunity"

Markel rolls out new product for UK construction sector

Construction & Engineering

By Terry Gangcuangco

Markel has rolled out a new insurance proposition for the UK construction sector.

Called “Markel Construction,” the newly developed offering aims to address several pain points that were identified following more than 30 hours of qualitative interviews with brokers and end clients. These include difficulty placing professional indemnity, regulatory uncertainty, and price sensitivity.

“With an appetite for a wide range of construction risks, across residential and commercial builders, and building completion and finishing trades, the product offers the full range of covers and extensions to meet policyholder cover requirements,” Markel said in an emailed release.

“These include fee for intervention, legionella, defective products, efficacy, and offsite storage, as well as offering professional indemnity as part of the insurance package – something brokers really voiced as a need in this sector.”

Additionally, policyholders will have access to in-house legal, tax, and human resources specialists and a suite of value-added services. Benefits include collateral warranty reviews, debt recovery support, round-the-clock helplines for stress management and legal or HR issues, and advice from construction consultants.

“There is a real opportunity in the construction sector for a product that meets both the specialist insurance requirements, and the extended business needs of contractors operating in this space,” commented UK construction underwriting head Martin Parker, who leads a 10-man construction underwriting team.

“Markel Construction delivers what our customers have told us they need, and we are delighted to be announcing the launch of our offering.”

Meanwhile, managing director Neil Galjaard said: “Markel has a track record of really positive growth by successfully launching and trading products that have been carefully aligned to the needs of customers within a particular sector and backed by specialist teams of underwriters experienced in that sector.

“We are confident Markel Construction will be the same, supporting brokers in providing a market-leading proposition for their clients.”

What do you think about this story? Share your thoughts in the comments below.

Related Stories

Keep up with the latest news and events

Join our mailing list, it’s free!