The Association for Consultancy and Engineering (ACE) is working through the Construction Leadership Council (CLC) to deliver an industry-wide response to the current PI Insurance crisis.
Driven by higher claims and the cyclical hardening of the insurance market, anecdotal evidence from ACE members suggests they have seen sharp increases in premiums, with stricter curbs on the levels of cover offered.
Across the CLC, some firms have reported four-fold increases and others have shared that they can no longer secure cover.
To help produced a coordinated and evidence based response, the CLC is asking for all companies working in construction to feedback into a survey. This will help the cross-industry group find common themes and understand where the most difficulties are to be found.
While the poll is entirely confidential, firms are being asked to indicate their type of business to help target any future support.
Commenting on the survey, Darrell Matthews, Director of Membership and Business Engagement said: “I’d urge all ACE members to share their experiences of PI Insurance through the survey so together we can help find the cross-industry solutions that will be necessary if we are to successfully tackle this issue.”
CLC chair Andy Mitchell added: “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 short survey runs until 12 March 2021, please enter it now.
In January, ACE announced an exclusive partnership with PI insurance broker Griffiths & Armour. This provides ACE with another avenue for engagement on the issue and a strong voice at a market level.