Local councils know all too well the high costs and complex paperwork that can come with insuring construction projects.
This is where the Public Sector Construction Facility (PSCF) comes in.
Developed by JLT, this centralised online platform simplifies how councils procure construction insurance through competitive, transparent, on-the-spot quotes. And it’s available to 450 councils around Australia.
Here’s how it works.
A better way to insure your council’s construction projects
The Public Sector Construction Facility (PSCF) is an online portal where councils can obtain insurance for construction projects. By submitting basic project information, you can secure an instant quote (or a referral if more detailed terms need to be negotiated with insurers).
PSCF is a game-changer. Previously, councils either self-insured – which was risky – or depended on contractor-provided insurance, which could be costly and lacking transparency.
JLT developed PSCF to address these challenges and provide a way for councils to find clear, comprehensive insurance for construction projects with ease.
Now, with just a few clicks, you can find cover for Construction All Risks (CAR), Third Party Liability (TPL), Advance Loss of Rent/Revenue (ALOR) and Delay in Start Up (DSU).
Principal-Controlled Insurance: The benefits for councils
Knowing that your insurance quotes are customised to you instead of based on an external contractor’s generic risk profiles can provide incredible peace of mind.
After all, contractors may not share your main points of concern – but PSCF does.
Specialising in Principal-Controlled Insurance, PSCF knows what your council needs to avoid one-size-fits-all policies and ensure your project has proper coverage through any circumstance.
PSCF delivers two further crucial advantages.
First, it reduces your administrative burden by providing clear, concise quote information. This means less time scrutinising contractor details and more time focusing on delivering successful projects.
Second, it helps you minimise your project’s insurance costs by offering competitive prices. Again, this is because PSCF’s quotes reflect your project’s specific risks.
In one instance, a council received a $15,000 CAR quote from a contractor for a $1 million coastal footpath.
In comparison, the insurance cost through PSCF was under $1,500 for both CAR and TPL.
No more worrying about contractor insolvency
Contractor insolvency can wreak havoc with traditional, contractor-provided insurance policies.
If your contractor becomes insolvent, your insurance will typically be cancelled from the date of their insolvency. This means your council will inherit a partially completed and entirely uninsured job site, leaving you exposed to damages.
Policies secured through PSCF, on the other hand, remain current through contractor insolvency, meaning your council’s project remains covered until a new contractor completes the job.
It’s another way PSCF can assist when it comes to council construction insurance.
Get started today
You can access the PSCF portal to enter your council’s construction project details and receive a quote (or a referral for more information).
Even better, once you accept your quote, JLT can bind the cover with policy documentation and certificates of currency issued on the same day.
Insurance doesn’t get much simpler than that.
Looking for more advice on how to use PSCF? Speak to your Account Manager today.