Insurance Works Monitoring
Much like the delivery of any construction works, the design, procurement and delivery of insurance remedial works is a complex and specialist task. Ensuring policy holders are undertaking the works correctly is vital for loss adjusters and insurers, and insurance works monitoring can add significant value:
Scope of works should reflect the coverage of the policy, and any additional works should be clearly defined and funded separately to the insurance claim.
Policy holders should ensure they are getting best value for the works – i.e. through rigorous negotiation or competitive tendering.
Risk within the construction project should be professionally managed to ensure works are delivered in a timely manner – delays to insurance works can have a significant impact on the claim value, with ‘other’ costs such as loss of rent or loss of earnings being incurred.
Works should be properly managed to ensure they are completed to a high standard of workmanship and in compliance with the agreed scope of work.
Any change during the construction works should be assessed as insured or non-insured.
Oversee payment claims and assessments to ensure payments made are reflective of work undertaken.
How can Pinnacle help?
When instructed for Insurance Works Monitoring, Pinnacle will represent the insurer/loss adjuster within the project board, overseeing work undertaken by the policy holder’s design team.
We provide technical insight into the key project elements above, acting as the ‘eyes and ears’ of the loss adjusters. We use our expert understanding of construction works to ensure they are being delivered correctly, with the intention of ensuring that the ultimate insurance claim amount is reflective of the required remedial works and the limitations of the insurance policy.