The British Drilling Association (BDA) Announce Lloyd’s of London Specialist Insurance Scheme
The British Drilling Association (BDA), the UK’s trade association for the ground drilling industry, and Genesis Risk Solutions Ltd, construction industry insurance specialist, have today announced their new partnership – an agreement which brings BDA members a range of insurance products at discounted rates.
Exclusive to BDA members, Genesis has set up a dedicated scheme with Insurers that offers BDA members up to a 20% discount on rates. Insurances available via the scheme include:
• Contract Works
• Plant & Machinery
• Tools & Goods in Transit
• Employers’ & Public Liability
• Motor Fleet
• Professional Indemnity
• Commercial Property & Business Interruption
The scheme, underwritten at Lloyd’s of London, is an important milestone for the Drilling industry because until now those working in the industry have found it difficult to source Insurers willing to provide such a fully comprehensive insurance coverage, due to the high-risk nature of their business – many completing hazardous works and/or working in hazardous locations. In the past, hazardous works have either been excluded from coverage offered or have attracted a high premium cost.
Gavin Cheeseman, Managing Director at Genesis, says:
“We are delighted to be working with the British Drilling Association and are particularly pleased that we are able to offer members an affordable and purpose-built insurance product.”