The number of insurance policies concluded by Irish construction contractors has reached unprecedented levels, a recent analysis by Keystone Insurance shows. The growth is mainly due to the continuing development of construction projects in the country, and the tendency for almost each contractor to opt for an insurance policy, in order to secure themselves in case of accidents or legal proceedings.
The Irish construction industry has been rapidly growing over the last decade, as the house-building, social and productive infrastructure sectors develop in the country. It is an industry currently estimated at 36 billion Euros, and accounts for over 20% of the national GDP. It is also a key employer whose share of the total employment has grown from 8% to 13%, or over 400,000 people, in less than five years. Keystone’s analysis indicates that the trend will probably be preserved over the next few years despite the current economic conditions, especially due to the fact that construction insurance policies have become particularly affordable & although house building is forecast to drop to 50,000 units in 2008 other areas of construction continue to expand.
Despite this rapid growth, construction liability insurance is not obligatory under Irish law. However, most companies prefer not to leave things to chance and get an insurance policy in order to be secured in the event of a possible lawsuit. With Irish society becoming more litigious than ever and the large number of parties involved in construction projects, holding a good construction liability insurance is a must.
While most companies how have some kind of a builder’s insurance, Keystone still has a large number of customers who contact the firm to arrange first-time insurance. Quotes are arranged within a few hours and cover can be arranged over the phone. More and more clients seek professional advice for getting a policy better than their current one, or to change to a new supplier.
Keystone is a premier supplier of insurance solutions to the Irish construction industry. From its headquarters in Dundalk Co Louth, the company offers service to a large and valued client base. The main products provided by the broker are public and employer’s liability, contractors all risks, personal accident, plant and machinery, contract bonds. The company also offers excellent schemes for all construction occupations including traditional high risk occupations such as roofers, curtain wallers and scaffolders.