The Irish construction sector needs insurance

The Irish construction industry now accounts for around a fifth of Ireland’s economic activity. It provides approx 15% of the national GDP & employs 280 000 people which makes it a key component of Irelands economy. Despite the recent slowdown in home building overall the Irish construction industry remains robust. In today’s uncertain times it is even more crucial that construction companies do not risk their financial future by not arranging adequate construction insurance.

At the turn of the millennium the overall standard of construction site safety left a lot to be desired and this was this was an important factor that contributed to the increased cost of liability insurance during 2002 – 2005.
Thankfully increased safety awareness along with external factors such as reduced reinsurance costs, stabilized insurance marketplace, increased competition etc have resulted in construction insurance levels falling to their lowest levels in almost a decade.

Another global trend which has impacted on the Irish construction insurance market is the arrival and growth of 'no-win no-fee' agreements and legal expenses cover. These developments have meant that the public are actively encouraged to claim and the resultant explosion of claims has increased the importance of adequate construction insurance.
This ease of access, together with the perception that judges will award compensation in virtually every case has resulted in the growth of Public Liability claims in the last decade. In 2006, 18% of all claims handled by the PIAB were Public Liability claims while a further 14% were Employers Liability claims. In the UK last year there was £5.5 billion paid out in liability insurance claims.

Added to this increase is the growing complexity of risk as the sector grows and develops. It is therefore essential for today’s construction contractors to hold construction insurance.

Keystone Insurance is Ireland’s premier supplier of construction insurance solutions to the Irish construction industry. The company HQ is in Dundalk Co Louth, but the firm services a large client base from all over Ireland. It is an experienced and professional broker with profound knowledge of the market and is able to provide its clients with the exact solutions they need for their type of business.

Receiving customized construction insurance from Keystone is very straight forward & can usually be arranged within a few hours. The company also provides consultation on renewals or change of insurer for firms which feel they need to change something in their current insurance.

Keystone Insurance
59 Park Street
Dundalk
Co Louth
National Clients
Phone: 042-9393993
Fax: 042-9395133
E-mail: info@keystone.ie

International Clients
Intl: 00353-429393993
Fax: 00353-429395133
E-mail: info@keystone.ie

Keystone also offers excellent schemes for all construction occupations including traditional high risk occupations such as roofers, curtain wallers and Scaffolders while their wind energy insurance department is a rapidly growing provider of alternative energy insurance.

This release was published on openPR.