Lockton are specialists in placing professional indemnity insurance for architects, engineers, contractors and other construction professionals globally and in the UK. We continue to adhere to the Lockton principles of putting servicing and client relationships above all else. This means access to a dedicated account executive and wider service team offering a ‘cradle to grave’ approach to all aspects of policy placement, risk management and claims notification.
We encourage our insureds to utilise Lockton as an outsourced risk transfer mechanism no matter their size and strive to represent our insureds in the most positive light in the insurance market. In placing over £60 million of gross written premium purely in respect of construction professional indemnity insurance premiums in the UK, we have the influence and sway to ensure the best result for our insureds. Crucially, we understand that we work for you and not for your insurers which applies to all aspects of what we do.
Our overall depth of experience in the sector extends to currently representing 2 of the top 5 AJ100 architects and 20% of the top 10 engineers according to Building Magazine. Outside of this we are privileged to act for a significant proportion of construction professionals in the UK.
Our offering to you includes, amongst other things, help and/or advice on:
Our clients work in most jurisdictions in the world and it is imperative that their insurance polices allow our clients to be competitive within these markets
Stephen Davey, Partner, Global Professional & Financial Risks
With an experienced team of more than 50 professional indemnity insurance specialists in the UK, we offer our clients a partner with an enviable depth of understanding and expertise within the risk management and insurance broking arena for architects, engineers, contractors and other construction professionals. Your Lockton team is contactable 24/7.
Alliance/partnering project requirements have been common in some global territories historically but also exist in the UK. The danger being that the pain/gain share mechanism is completely different to a traditional ‘claim’ and therefore not automatically catered for by a traditional professional indemnity insurance policy.
Lockton were able to provide a bespoke policy wording amending the claims notification conditions to reflect the alliance/partnering philosophy as far as practicable with a facility built in to provide cover for the unique loss mechanism in contract.
As well as being able to compete on the particular tender in question, the insured had comfort knowing that there were no uninsured exposures being signed up to and the tender price was therefore unaffected.