CONTRACTORS are being forced out of business due to being unable to secure the professional indemnity insurance they need. This is a growing problem and a concern for all construction-related trades.
A number of insurers are now withdrawing from the construction-related professional indemnity market. Not only are premiums increasing, but policy cover is being significantly reduced – most insurers are now only offering cover on an aggregate basis (the limit of indemnity is the total amount that the insurer will pay out over the policy term for multiple claims) with an Any One Claim basis becoming more and more unobtainable, claims excesses are disproportionately rising and total exclusions for cladding are now commonplace.
BHIB recommends you start your renewal negotiations as early as possible to ensure that you are not left exposed. The rise in premiums is inevitable, make sure you’re prepared for renewal.
If you have any concerns or would like a quote, contact Kennedy Rose or Callum Errington or alternatively by phone on 01604 630003.
BHIB Insurance Brokers is a trading name of BHIB Limited. Registered office is AGM House, 3 Barton Close, Grove Park, Enderby, Leicester LE19 1SJ. BHIB Limited is registered in England and Wales number 829660. Authorised and regulated by the Financial Conduct Authority.