For many years now HSB through RMP have offered contingency cover for CAR works/contracts where the insured is a party to the contract, but the cover is arranged by the contractor. Below is a summary of the cover offered and whilst the detail is fairly self-explanatory, just to recap the aim of the contingent cover is to come into force if the contractors cover is not available. This maybe for a variety of reasons but the most common one recently was the liquidation of the contractor.
To trigger the contingency cover the insured need to declare all contracts, not just the contracts they are responsible for arranging the CAR cover for. Questions have been incorporated into our most recent renewal questionnaire. The rate charged for the contingency cover is very heavily discounted by HSB, from the insured’s usually policy rate. This can be by as much as 60%, and applies because of the fact the cover is contingency only.
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