It is worth looking at this story in the AGS Magazine regarding PI (Professional Indemnity) Insurance. If you are going to be renewing later on this year you need to speak to your brokers and start planning in advance. It seems that there is no immediate end in site to the hard insurance market that we are in so we are going to have to start getting used to the additional costs for quite some time yet.
“Although the PI (Professional Indemnity) insurance market looked very different in 2017, the cracks were already starting to show. Even at that point, there was an acknowledged growing risk versus reward imbalance, with construction professionals being asked to do more, for less, under increasingly onerous contract.” AGS Magazine Jan 2021
The Association of Geotechnical and Geoenvironmental Specialists (AGS) is a non-profit making trade association established to improve the profile and quality of geotechnical and geoenvironmental engineering. The membership comprises UK organisations and individuals having a common interest in the business of site investigation, geotechnics, geoenvironmental engineering, engineering geology, geochemistry, hydrogeology, and other related disciplines. Learn more at: www.ags.org.uk