Professional indemnity insurance in construction
In June 2021, the Construction Industry Coronavirus (CICV) Forum published Professional indemnity insurance in construction.
The free guide outlines the state of the insurance market, the precautions firms should take and the pitfalls they face. It covers subjects ranging from extending liability to contractual liability, the nature of PII cover, insurance limits, obligations under ancillary documents and risk management.
It acknowledges that a variety of reasons have contributed to the significant increase in the cost of PII while businesses have experienced reductions in the scope of cover. It explains how market attitudes have changed following a number of incidents, including:
- A review of unprofitable insurance classes by Lloyds of London.
- Advances in the size and complexity of the design and construction process.
- Businesses taking on higher levels of risk.
- The effects of the Grenfell tragedy.
- A series of global natural disasters.
The CICV Forum was established in March 2020 to bring together the main construction trade and professional bodies for the purpose of gathering intelligence, sharing advice and speaking directly to the Scottish Government on issues affecting members during the COVID-19 pandemic of 2020/2021. Its membership includes representatives from 29 trade associations, professional services bodies and companies.
[edit] Related articles on Designing Buildings Wiki
- Coronavirus and the construction industry.
- Indemnity.
- Insurance.
- Professional indemnity insurance PII.
- Professional Indemnity Insurance clause in conditions of engagement.
- Professional indemnity insurance in Scotland.
- Professional indemnity insurance life cycle.
[edit] External resources
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