3 minute read
OPINION PIECE by Michael Barrett at UK Special Risks
DON’T LEAVE YOURSELF EXPOSED IT COULD COST YOU!
says Michael Barratt from UK Special Risks
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As an iKBBI recommended insurance broker, specialising in the Kitchen, Bedroom & Bathroom Industry, I have recently been receiving a number of enquiries from installation contractors and showrooms regarding the lack of cover under their public liability insurance policies for accidental and unforeseen exposure to asbestos. They ask “Is this something I should be concerned about?” In short, yes.
The majority of insurance policies increasingly contain exclusions for any damage resulting from the release of asbestos and the consequential cleanup operation. This could quite easily lead to you as the contractor being personally liable for tens of thousands of pounds in damages, and more often than not, you were just carrying out your daily tasks, blissfully unaware of the perils behind that wall or that ceiling.
One of our clients, subcontractors unfortunately had an incident of a similar nature, resulting in a claim in excess of £100,000. Luckily for the client, their insurance policy was on the right basis and the claim was paid out by the underwriters. Martin Bell, Managing Director of UK Special Risks, said of the matter “What this accident clearly shows is that unforeseen and accidental exposure to asbestos can be very costly, and if the correct insurance had not been in place, the potential cost to this client’s business could have been fatal.”
A quick flick through your policy wording may indicate whether you’re properly
Michael Barratt Cert CII, Account Executive, UK Special Risks
covered for this or not. Sometimes these restrictions can be hidden in the small print of the policy. If it’s not clear, ask your broker or insurance company directly. Get them to point it out in the policy wording and confirm to you in writing that it’s insured. This way, you know you are adequately covered. If, for whatever reason, this is not insured then unfortunately you are at risk. If your insurer cannot amend this to include unforeseen and accidental exposure to asbestos cover, you may be eligible to exit your existing policy at no charge, claiming it “no longer meets your requirement.” This will allow you to adequately cover yourself elsewhere as soon as possible.
mbarratt@ukspecialrisks.co.uk
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