Markel has developed a new product for the UK construction sector

To help develop the product, consultation with brokers and end clients confirmed the sector’s most pressing current needs and features, among them price-sensitivity; difficulty placing PI and PI availability in a package; and significant increases in disputes. Markel also found the market to have issues with cashflow and bad debt and noted issues around regulatory uncertainty and health and safety.

With an appetite for a wide range of construction risks, across residential and commercial builders and building completion and finishing trades, the product offers the full range of covers and extensions, including fee for intervention, legionella, defective products, efficacy and offsite storage.

“Markel has a track record of really positive growth by successfully launching and trading products that have been carefully aligned to the needs of customers within a particular sector and backed by specialist teams of underwriters experienced in that sector,” said managing director Neil Galjaard. “We are confident Markel Construction will be the same, supporting brokers in providing a market-leading proposition for their clients.”

Markel Construction is supported by a dedicated team of 10, led by head of construction underwriting - UK, Martin Parker.

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