Why companies must face up to the risk of flooding
A one-size-fits-all approach to combatting flood damage will not work, says Ruth Welch, Senior Vice President, Real Estate & Construction.
The integration of technology in buildings and the data-gathering this enables is helping real estate operators and investors to raise the profitability of properties but it is also changing the nature of risk exposure in the sector.
It has become increasingly clear that global warming could have a devastating effect on our world. Concerns that were once voiced only within the scientific community are now shared by politicians and ordinary people around the world. But how will the challenge of climate change effect the property insurance market in years to come?
Rates for professional indemnity (PI) in construction are likely to continue rising throughout the year as insurers reduce their exposure to this line following large claims in the space and a profitability review at Lloyd’s of London.
While availability and terms and conditions of Professional Indemnity (PI) insurance protection as well as Construction All Risks (CAR) cover are affected by greater frequency and severity of claims, there is still significant capacity in the London construction market if managed and brokered correctly. Even pandemic cover may be available soon for construction projects.