RSA warns against cutting insurance costs in the construction
sector
“Research by the Royal Institution of Chartered Surveyors (RICS)
released this week, showed the price of new construction work in the
second quarter remaining the same as the previous three months
despite costs continuing to rise. And with a decline in new work
output forecast, tender prices are expected to fall further over
2008 and 2009, with "little room to manoeuvre" if input costs keep
rising as predicted.” (Source: Press Association 20.10.08)
David Smith, Construction, Power & Engineering Director for
insurance experts RSA comments:
"Insurance will represent a cost which will be built into the tender
price so inevitably it will be strongly challenged. The industry
however needs to guard against driving premiums to an unsustainable
level to fund against claims costs. This can ultimately result in
subsequent price corrections or even a lack of capacity to support
builders or projects in the future.
“RSA's approach is to charge the right price for the right risk,
adjusting our premiums gradually to deal with claims trends and
inflation as needed. At the same time we work with clients to
improve their risk management by providing site surveys, risk advice
and risk information for toolbox talks as well as proactively
managing claims so as to mitigate rising costs. In this way we aim
to provide certainty and stability for our customers.
“And in this tight economic environment, where tender costs are
constantly being challenged, it's important to ensure that quality
and safety do not suffer. Cutting corners in Health and Safety, for
example, is not morally, legally or commercially acceptable in what
is an inherently hazardous industry. Firms who do this will
ultimately pay a heavy price for it.
“One development we have been piloting with some of our customers,
to improve risk and reduce cost, is the use of mobile biometric
technology linked to a simple web browser, to monitor site
attendance by employees and sub contractors.
“This has a range of benefits for the main contractor including:
Making sure the right people with the right skills are on site at
the right time.
Reducing administrative costs by automating the manual paperwork (eg
accurate payments to staff and subcontractors for time on site).
Validating that site attendees have the right Health and Safety
credentials (passports, skills cards, training records etc)."
Email:
Victoria.beynon@golleyslater.co.uk
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