Many questions are often asked of a developer’s experience when undertaking a new scheme, such as whether they have completed projects of a similar scale previously, details of their recent portfolio of projects, and details of the professional on-site team (main contractor/subcontractors).

However, when exploring the market, property developers should rightly ask similar questions of their prospective insurers, including what the insurer’s appetite and experience of similar-sized schemes are, and whether the insurer has references available for comparable developers/developments.

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At this juncture, it's important to note that for every policy offered with A-rated insurers, there will always be unrated markets that will look to write a policy at a notably cheaper rate. However, this can be both a time-consuming, costly, and brand-damaging exercise. 

Developers are often required to provide CVs of experience and their portfolio of projects and, while that’s very much necessary, its equally important to understand the prospective insurer’s experience with schemes of similar size.

I'm a big believer in partnering knowledgeable property professionals with experienced insurers for their projects. So, while we don't always go to every corner of the market, our understanding, relationships, and networks ensure we have access to the right ones, ultimately saving our clients time and money.