Contracting firms are facing rising premium and worsening terms & conditions at renewal of their professional indemnity (PI) insurance policies. As a result, contractors are increasingly left with reduced protection when compared to prior years.
A series of developments in directors and officers liability insurance (D&O) risk have recently impacted insurance market conditions for financial lines, further adding pressure on rates.
An inquiry report following the tragic fire incident at Grenfell Tower includes a number of recommendations which will have a major impact on the UK housing sector if adopted.
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.
It would not be unreasonable to expect that, almost three years after the EU referendum in the UK, executives would have a clear view on the consequences the decision is likely to have for the company they lead and a plan to manage the potential negative impact of the decision.
How fire safety is changing the face of insurance
The professional indemnity insurance (PII) market may be hardening for the first time in years. But there remains plenty of choice for well-managed firms who act swiftly.
A recent Tribunal judgment and research findings suggest some firms may need to do more to mitigate workplace stress.