Multiple crane accidents fail to raise red flags for insurers

At least nine people have been killed and 11 have been injured after construction cranes collapsed, but it is not expected to impact policies or send construction insurance rates soaring, reports Lloyd’s.
With the booming construction industry, cranes are not an uncommon sight along the skylines of major cities.
Despite the collapse of numerous construction cranes such as two separate incidents (both of which involved fatalities) in Manhattan earlier this year underwriters have not increased premiums, Lloyd’s comments in a news release.
Even with their frequent use and much-publicised if rare accidents in the past, cranes have yet to throw up any red flags on the insurance industry’s radar, Mike Johnson, partner, construction, JLT, told Lloyd’s.
“Generally, cranes are not a huge issue. Crane rates have increased a little but underwriters generally don’t ask for too much detail unless there’s a particularly heavy lift involved,” he continued.
“On the liability side, things get a bit more interesting. Some underwriters are interested to know whether the contractor has a decent maintenance regime in place. They might check for safety records and ask whether workers are sufficiently trained to deal with cranes.”
There are no specific things going into the policies regarding cranes, nor are they separately rated within liability policies, the release notes.