Product category:
Builders Merchants
News Release from: Builders Merchants Federation [BMF] | Subject: BMF Conference
Edited by the Buildingtalk Editorial
Team on 30 June 2003
BMF Conference To Discuss Insurance
Premiums
Enormous hikes in premiums, often with only a few days notice, have hit the construction industry hard and the Builders Merchants Federation (BMF) will be telling members how to avoid them in future.
There will be fireworks on the 4th of July in Stockholm when Britain's builders merchants discuss rocketing insurance premiums at their annual conference BMF director Jeremy Hawksley said many of his members, which operate 2,400 outlets and turnover £6.2 billion a year, had seen substantial rises in their insurance premiums at the last renewal and had only been given a few days to seek alternative quotes
This article was originally published on Buildingtalk on 17 May 2007 at 8.00am (UK)
Related stories
BMF conference boosts e trading confidence
Over 150 delegates attended the BMF's one-day e trading conference and exhibition which explained the real business benefits for both merchants and manufacturers.
Rogue Builders In 'Trade Association' Scams
Rogue builders are conning householders into hiring them by pretending to be members of reputable trade associations.
Sales of building materials slip back
BMF sales indicators shows year-on-year downturn for autumn trading
"Our members must have employers' liability insurance and are in an impossible position if premium hikes are demanded without adequate time to seek other quotes," he said.
The conference will hear from Marc Davis, Senior Vice President of Marsh UK Ltd, part of Marsh, the world's leading risk and insurance services firm.
He will explain why the insurance industry has had to seek higher premiums and how, by demonstrably managing risk in a more professional way, buildersû merchants may reduce future large increases in premiums.
He will suggest what the Employers' Liability insurance market place might look like in future years and tell the conference of Government and insurance industry led initiatives to ensure that companies are in receipt of premium terms well in advance of policy expiry.
Mr Hawksley said builders' merchants were also losing out because they were classed as a 'construction' activity by some underwriters, whereas they were a 'warehousing and distribution' activity.
"Building contractors and roofers have suffered enormous premium increases, partly due to higher accident claims and a poor risk history but my members are not in the same business." Mr Hawksley said the growth of the Ocompensation cultureû, fuelled by 'no win no fee' solicitors, exacerbates the problem of claims by employees against their employer.
Also new health and safety regulations have seen the government trying to shift more legal responsibility onto the employer.
• Builders Merchants Federation [BMF]: contact details and other news
• Email this article to a colleague
• Register for the free Buildingtalk email newsletter
• Buildingtalk Home Page
Search the Pro-Talk network of sites
