“Jason really was amazing, he managed to find insurance cover for me as a consultant valuation surveyor when no one else could. He kept me informed of progress continually. I would thoroughly recommend him.”
Robin Smith, FRICS
Getting your contracts
Robin called me saying “I need urgent assistance”. I’ve won a contract yet they’re asking me for insurance and nobody can provide me with what’s needed. This is something we deal with every week because a lot of insurance providers have placed their products on the Internet and don’t have the facilities to give advice as to what fits.
The contract wasn’t complicated or onerous yet it was specific. The type of work to be carried out was slightly unusual yet the problem wasn’t the work it was the availability of cover. Robin also had a deadline to meet and so the frustration in finding red herrings all over the Internet was understandable. There were many providers that said they could offer the He need but as soon as he scratched the surface they turned and ran in the opposite direction.
Insurance and contracts are usually at odds
Another challenge for Robin was that the contracts told him the terms and conditions of undertaking the project yet the insurance available has to be compare to the contract to ensure they dovetail.there are clauses in contracts that relate to insurance and there are clauses in insurance policies that relate to contracts.
Most insurances available via the Internet or no good when compare to contracts. The fact that so many insurance providers allow people to buy insurance without speaking to anyone is brilliant. Especially when you need something in a hurry. It’s not so brilliant when you need to speak to somebody and find that the Internet and, in particular the website that you found it on, doesn’t take your calls
Sometimes those awarding the contract start reading the insurance themselves and asking questions. Being cynical, they often ask these questions when they are due to pay an invoice. I’m not saying that they use this as a tactic to delay payment yet, if the insurance doesn’t meet the requirements, they will delay payment. This happens most often when you are working with a large company with an in-house legal team. They except the insurance firelit and then start checking the details when they are due to pay. This is so common we make sure that the insurance stacks up before it’s issued rather than suffer the pain of the late payment at a later date.
Wrap up; Temptation have accepted a contract for large company is great. The offer may seem fantastic yet their requirements can offer the water down the contract profitability.
Top tip; Make sure you check the cost of the insurance before you negotiate your fees or payment terms. You might need insurance for a contract yet you don’t want to end up with zero profit.
“Seriously this man is an expert at his job. I cannot recommend him highly enough. Before Jason Cobine – I hated the word ‘insurance’. He has revolutionized my thinking completely and I trust him implicitly. Thank you for being so brilliant at your job Jason“
Johanna Lueders – Director at Principal Plans
What is an insurance review?
I met Johanna at a networking event, Doyle club URL, and we continued our conversation afterwards because we found that we had things in common. We kept in touch and Johanna asked me to review her insurances because she wasn’t entirely sure that the cover in place was well suited to her business.
When Johanna explained the business to us it became clear that they had invested in exactly the sort of insurance that her trade body had recommended. The cover looked good yet the terms and conditions didn’t match the way the business operated. This was understandable because Johanna explained that no-one had explained the jargon or small print to her. Regrettably, this happens all the time so are used to undertaking research to find an insurance policy wording that is a better fit.
How do we make sure they pay?
Like most of us, Johanna had heard about insurers refusing to pay out on a technicality. Johanna was concerned about the small print so it made sense to ensure she understood the terms and conditions before picking one of the options that we had found.
This allowed Johanna to make an informed decision, which is why Johanna says our service revolutionised her thinking about insurance. Knowing exactly what her insurance can do meant Johanna was able to take advantage of some of the wider benefits that insurers offer to reduce the likelihood of insurance issues arising.
Do they actually want to help?
There is very little chance of Johanna’s insurers refusing to pay out, clarity from both parties has meant that four separate issues have been handled to Johanna’s satisfaction. We have also been asked to provide other forms of business protection because the business grows and evolves.
There will be issues, it is the construction sector after all, and it’s how you handle them that matters. Johanna is 100% certain her business will not suffer from Cash flow constipation or reputation damage. Are you?