From Mike Brown, Geo-Environmental Commercial Director: Professional Indemnity insurance rates for the construction sector.
“If, like us, you are in the construction sector you, or your company, are probably feeling a significant amount of pain from the PI rate rises. I’ve been collecting stories over the last couple of years which explain the background and some of the effects, the links are below for those interested.
In the short term the only advice I can give you is to engage early with your broker and try and find ways to better present your risk profile, as well as accrue some savings to cope with the rate rise. In the longer term I would encourage people to engage with their trade organisations/memberships to try and get them to lobby on our industries behalf or else “Building Back Better” is going to be a challenging target for the Government to meet.”
30 March, 2021: Building.co.uk “Nearly one third of firms have lost jobs because of inadequate PI insurance, CLC survey says”
28 January, 2021: Insurance Times: “Soaring professional indemnity insurance premiums ‘unsustainable’ for surveyors”
01 October, 2020: FT Adviser: “The real story behind PI premium hikes”