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And the good news is: some rates are falling
15:41 01 Apr 2004
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Despite the huge increase in construction insurance premiums, a
number of firms are experiencing a downturn in rates.
Geoff Fry, owner of Surrey-based Acme Cradles, said: "In 2002 my premium was £84,000, and last year it went down to £40,000.
"I shopped around but my broker came up with the same quote as well. Apparently there was more capacity in Lloyds last year."
A spokesman from Berkshire-based Allan Roofing said premiums have steadied. "We renew every October and in 2001 it was £35,000. In 2002 it rocketed to £65,000 and last year it was about £70,000."
And National Access and Scaffolding Confederation director Robin James said: "Generally speaking, there has been a softening in the market.
"Our own scheme for members that we launched in May last year has received a big take-up, and we have also put together a scheme for non-members," he said.
Geoff Fry, owner of Surrey-based Acme Cradles, said: "In 2002 my premium was £84,000, and last year it went down to £40,000.
"I shopped around but my broker came up with the same quote as well. Apparently there was more capacity in Lloyds last year."
A spokesman from Berkshire-based Allan Roofing said premiums have steadied. "We renew every October and in 2001 it was £35,000. In 2002 it rocketed to £65,000 and last year it was about £70,000."
And National Access and Scaffolding Confederation director Robin James said: "Generally speaking, there has been a softening in the market.
"Our own scheme for members that we launched in May last year has received a big take-up, and we have also put together a scheme for non-members," he said.
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