PI Insurance for Construction
Since the Grenfell Tower fire, companies in the construction industry have found it increasingly difficult to secure appropriate and affordable Professional Indemnity (PI) insurance.
A recent CLC survey found that average premium rates were nearly four times higher at last renewal compared to the year before, and almost a third of companies were unable to buy the cover they want or need. Over 60% of companies had some form of restriction on their cover relating to cladding or fire safety, with the result that a third were prevented from undertaking remediation work on unsafe cladding.
To help the industry, Build UK has published a guide to PI insurance which provides an overview of what it is, why it is needed, and how it can be obtained in the current market.