A Letter of Intent (LOI) is like a promise in writing. It’s a letter from your insurance broker or insurer saying:
“We’re going to issue your insurance policy for this project, and here’s the cover you can expect.”
It’s not the final policy, but it gives the main contractor or client the peace of mind that cover is on the way – so you can start work on site without delays.
There is not charge against the actual letter of intent. You do however need to follow through with taking up the cover if you are awarded the Tender.
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