Companies from across the industry are being asked to take part in the biggest ever review of construction’s growing professional indemnity insurance crisis.
In recent years firms from across the industry have reported sharp increases in premiums for PI insurance, while also seeing stricter curbs on the levels of cover. Some firms have reported four-fold increases in policy costs, while others have said that they can no longer secure cover.
This has been driven by multiple factors including a response to higher historic claims from the sector, as well as a cyclical hardening of the insurance market.
The Construction Leadership Council is planning steps to relieve the crisis. This includes developing a robust evidence base, identifying in detail the areas where the industry is facing the most significant difficulties.
The CLC is asking for companies from across the industry to take part in their survey.