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Insurers must prepare to pay interim material costs for cashflow concerned builders

By 2022-01-24T07:15:00

female construction worker

Insurers ‘can expect a much wider range of project costs than normal’, predicts senior surveyor

Insurers may need to issue interim payments or deposits to building contractors carrying out insurance repair projects in order to mitigate the threat of insolvencies caused by escalating material costs and associated cashflow constrictions, according to Nick Turner, senior surveyor at loss adjusting business Woodgate and Clark.

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