Capacity restrictions on construction PI (professional indemnity) insurance placements have raised prices, putting them on an unsustainable growth curve. News stories featured in the media about the crippling effect these rises have had on architects, surveyors and a host of building contractors means that the run-up to renewal dates is daunting for all.
Professional indemnity (PI) insurance protects you from a host of liabilities if you provide advice or building design services. It also covers you for breach of professional duty while providing services. In the past, contractors didn’t generally need PI insurance.
Even though Professional Indemnity (PI) insurance policy availability is falling, the number of innovative new builds is increasing. As the speed of technological development accelerates, so does the degree of exposure faced by building designers and engineers.
Recently, the number of professional indemnity (PI) insurance providers for the construction industry has decreased, and those that remain have reduced their offering while raising their fees. However, all is not lost if you have an experienced broker. Featured Posts
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