Plant theft cover
The Electrical Contractors’ Insurance Company (ECIC) has launched insurance cover against theft of plant equipment used on construction sites.
It will offer brokers and construction firms competitive cover in return for a full inventory of plant and adoption of security devices.
ECIC’s Phil Scarrett said: “Historically when insurers have insured plant they have simply asked for a value of the plant without really understanding the detail of the equipment or the security devices in place. This has led to a rise in claims and a corresponding rise in rates.
“ECIC’s 35 year pedigree operating in the construction sector means we know this market inside out, so we have a head start when it comes to underwriting accuracy, backed up by a claims service that appreciates the particular challenges construction companies face.”
