Have your say in an industry-wide poll on the PI insurance crisis lead by the Construction Leadership Council - live until 12th March 2021.
CLC are leading an industry-wide review of the Professional Indemnity Insurance crisis. Factors including; higher historic claims from the sector and a cyclical hardening of the insurance market, are leading to sharp increases in premiums combined with more stringent curbs on the levels of cover provided.
Some firms have reported a four-fold increase in policy cost, whereas other firms have reported their inability to secure cover.
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 a survey at https://www.surveymonkey.co.uk/r/CLCPII It asks companies to provide confidential feedback on the costs and policy exclusions that they have experienced when renewing their cover. The poll is entirely confidential, but firms are asked to indicate their type of business to help target any future support on those areas of greatest need.
Construction Leadership Council Professional Indemnity Insurance Group lead Samantha Peat said: “The Covid-19 pandemic has dominated headlines for the last year, but there is a second crisis that has been quietly growing for businesses across our industry. “We are speaking to the UK Government and insurers to find ways to help businesses that could otherwise face an uncertain future due to the nature of their PI renewals. We want businesses from across the industry to give us their views – whether you are affected or not – to help us shape the way we prepare a response from the whole sector.
CLC chair Andy Mitchell said: “We have seen in the last year that our industry can deliver real positive change when we work together to tackle shared challenges. Given the feedback from across construction about the difficulties faced by companies, I want to strongly encourage companies to take part in this survey, letting us know about their experiences”.
The survey will be live until 12 March 2021. Access the survey here. Industry-level details of the results will be published by Construction Leadership Council and will be used to inform ongoing work to support the sector.