According to a recent survey conducted upon the request of one of Ireland's leading construction insurance brokers, Keystone Insurance, market trends in construction insurance have significantly changed over the last few years.

The company claims today's customers are looking for customised coverage and affordable policies. It said: "This trend has been driven by substantial developments in the insurance market, customer demands & society in general.

"The construction insurance sector has significantly grown over the last decade during Ireland's construction boom and has largely maintained these levels during the recent economic slowdown although insurers have noted a fall in employer's liability premiums as construction companies shed excess staff, thus reducing the cost of employer's liability insurance.

"During uncertain times construction insurance is more crucial than ever to preserve the financial health of construction companies. Companies may be tempted to do without cover during this period however this is a false economy as many companies will be in extreme financial difficulty if they do not have adequate insurance cover to pay for the injury of an employee or the replacement of a stolen piece of machinery."

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A Keystone spokesperson claimed that over the past decade, Irish society has changed to become an increasingly litigious one.

"The growth of no-win no-fee agreements and legal expenses cover has meant that access to the courts has never been easier. This ease of access, together with the perception that judges will award compensation in virtually every case has resulted in the growth of public liability claims. Although the PIAB has made some progress in this area, particularly in the reduction of legal fees, Ireland's litigious society is still a significant problem for construction companies," the spokeserson explained.

"Given these changes, insurance costs are now a significant factor for the construction industry. It is therefore only natural that clients make sure that their insurance policies are tailored to meet their unique business needs."

Keystone Insurance is an independent insurance brokerage house offering specialist construction insurance solutions to the Irish Construction Industry. Keystone quickly arrange quotes & cover for all types of construction insurance including public liability, employers' liability, contractors all risks, personal accident, plant and machinery, and contract bonds. The firm also arranges cover for alternative energy projects, most notably Wind Farm Insurance.

(VB/JM)