Bridge Insurance Brokers Ltd recently brought together the great and the good from the property industry in a round table event, hosted in partnership with North West Business Insider.
The round table was held to gain expert insights and discussion around de-risking development and shaping long-term partnerships in the property industry, both here in the North West and further afield.
Joining Bridge at the round table were Angela Mansell, Mansell Building Solutions; Ben Edwards, Caddick Construction; Jamie Hall, Hall & Co; Lorraine Taylor, Southway Housing Trust; Ian Pickering, Together; Scott Marshall, Roma Finance; Jonathan Seddon, Seddon Group; Mike Nicholson, Picture This; Andrew Dewhurst, Maple Grove Developments and Vicky Niescier, Addleshaw Goddard.
Bridge was represented by our CEO Roger Potts and our Director of Real Estate Client Services, Carrie Arnold.
The property industry has faced some turbulent years, with significant challenges causing some major players to exit the market. Inevitably the main conversation at the round table focused largely on budgets – ensuring the industry remains innovative and adequately funded, delivering projects within financial constraints while adopting new construction methodologies, deciding between subcontracting or in-house operations, and promoting transparency, efficiency, and collaboration. Ultimately, with the goal to minimise risks and maintain steady progress in development projects.
It was an engaging and insightful morning.
As Roger highlighted, at Bridge, we see ourselves as business enablers, which makes it essential to listen to those working directly in the field to deepen our understanding of this dynamic industry. With our extensive experience, we can view challenges from a developer’s perspective, identifying and anticipating risks – whether they stem from the physical site, contractors, the broader industry, or external factors.
Carrie emphasised the potential benefit of a partnership approach for insurance and the fact that Owner Controlled Insurance Programmes (OCIPs) could really work for a developer.
With an OCIP, the developer or site owner is in control and is covered more comprehensively for liability and loss. An OCIP covers a range of risks, from a delay in start-up to acts of terrorism, and it means all knowledge about the policy – the excess, costs, cover and duration – lies with the developer, as opposed to the contractor. OCIPs can be tailored to each development project, with needs and premiums agreed at the outset to deliver complete transparency for all parties. Sites are still insured without the subrogation issues that can arise under a more traditional insurance proposition.
With risks covered, creativity can flourish, and construction can thrive.
We’d like to offer a big thank you to everyone who attended and to North West Business Insider for organising the roundtable discussion.
The full article is in the December issue of North West Business Insider or you can read it here.
