Introducing MECON’s Builders Advantage Endorsement

Mecon Builders Advantage Endorsement

MECON Insurance strives to create innovative solutions to help our insurance brokers better protect your clients, and Builders Advantage is the newest addition to the toolkit. After feedback from our brokers, we designed this endorsement to address concerns surrounding fixed-price contracts and project duration overruns. Fixed-price contracts have been instrumental in some recently publicised building […]

Media release: MECON Insurance joins forces with Underwriting Agencies of Australia

Underwriting Agencies of Australia - UAA

MEDIA RELEASE: MECON Insurance joins forces with Underwriting Agencies of Australia Sydney, Thursday 7 July 2022, Australasia’s largest underwriting agency group, Steadfast Group (Steadfast), today announced that two Steadfast Underwriting Agencies, Underwriting Agencies of Australia (UAA) and MECON Insurance (MECON), will merge. From 1 July 2022, UAA, a specialist in mobile plant and equipment insurance and MECON, […]

Latest update from Glenn Ross

Update from Glenn Ross

Dear all Firstly a word to the wise: If you have been following the media relating to the construction industry, you will know that your clients in construction are very likely to need their maximum sums insured increased (by as much as 45%) and the maximum duration for project builds (by as much as double).  Second-hand […]

Understanding run-off & annual turnover policies

construction single

When you take out an Annual Projects policy, it can be set up on a run-off or annual turnover basis. Usually depending on the type of projects you take on, and how many you take on, you can choose which type of policy suits you best.  Fast Facts MECON’s run-off insurance covers projects commencing during […]

60 day cessation of work

60 day cessation of work

Many factors present uncertain financial risks to contractors who are building in today’s environment. For example: supply chain delays, increasing material and labour costs, weather perils and pandemic. (Contractual solutions for these risks were provided in April’s newsletter link here.) However, one factor remains certain, MECON’s commitment to its brokers and clients. This is seen […]

Impact of COVID Shutdowns on Construction Contracts

With the recent COVID-related shutdowns of construction sites in NSW, four FAQs have arisen: Can builders claim for Extensions of Time (EoTs)? Can Liquidated Damages (LDs) still be applied? Do the COVID shutdowns constitute a Force Majeure? Does my construction insurance cover me for the consequences of a COVID-related delay? MECON sought advice from construction […]

Understanding “Market Value” Applying to Plant and Equipment

Why do we use “market value”, how is it established and what are the potential issues? Firstly, some policies define market value as the cost of replacing lost or damaged plant and equipment with plant and equipment of similar type, age, condition, and capacity. If installation and/or commissioning costs are required, these would also be […]

A change to the Building and Construction Industry Security of Payment Act 1999 (NSW)

Until now, the Building and Construction Industry Security of Payment Act 1999 (NSW) only affected the commercial building sector. From 1 March 2021, owner occupiers are required to understand and apply the Act as it relates to their family home. What does this change to the Building and Construction Industry Security of Payment Act 1999 […]

How Liable is the Builder?

Two recent court cases where judgements have gone against the builder . The Owners – Strata Plan 66375 vs King [2018] NSWCA170 The Kings were the directors of a building development company, Meridian Estates Pty Ltd (“Meridian”). Meridian engaged an architect, Bonus Architects Pty Ltd (“Bonus”). Bonus invited tenders and engaged the builder, Beach Constructions […]

Defective Design, Material, Workmanship Exclusions explained

The defective element exclusions, inherent in all construction policies, is the exclusion most likely to be a cause of confusion, dispute or friction in claim situations.  The construction insurance market utilises generic defective element exclusion wordings produced by its market leaders. This wording has been tested and will often have Court adjudication precedents which can […]