Rising to the occasion
With growth in the amount of business and a healthy rise in premiums, the engineering insurance and inspections market is experiencing buoyant conditions. Phil Godwin looks at the opportunity for brokers in the sector
Engineering insurance policies provide financial protection to business against engineering risks, while engineering inspection makes provision for the examination of plants and machinery to meet customers' regulatory requirements.
The engineering insurance and inspection market premium income is in excess of £570m, of which around £170m is attributable to the inspection services product.
In 2002, contractors all-risks and engineering all-risks premium rose by 8%, and grew further in 2003. In the
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