The SEC Group is lobbying representatives of the three main political parties to include project insurance and payment protection in their forthcoming election manifestos.

SEC Group chief executive Rudi Klein said: “By getting political parties to embrace project insurance it sends out a strong message to the industry. The only known use of project insurance is on BAA’s T5 contract.” Klein and the SEC Group is also canvassing for the use of project bank accounts for small and medium-sized contractors.

“We also want government clients to ensure payment security and insist that contractors will be struck off tender lists for public sector work if they have a history of being a bad payer,” Klein said. “Small and medium-sized contractors need protection from bad payment practices and if public sector clients signal their intent, the rest of the construction industry will eventually fall into line.”

Source

Electrical and Mechanical Contractor