Last year marked the 75th anniversary of Griffiths & Armour working with ACE and from 1 January 2021, they have become our only Professional Indemnity (PI) Insurance advisor.
Recent months have seen a further hardening of the PI insurance market which has meant many companies facing increased premiums, restricted policy cover and in some cases an inability to source appropriate and effective insurance protection.
Furthermore, conditions in the construction sector and the wider economy are exacerbating these problems and creating a series of challenges from a liability and insurance perspective.
In response, ACE has formed a strategic partnership with Griffiths & Armour with the ultimate aim of improving the PI insurance market for members.
As well as giving a voice to ACE within the market, this partnership will:
- Ensure ACE members are informed of market developments.
- Share lessons learned, advising on claims, risk trends and developments within the consultancy sector.
- Engage with and advising procurement bodies on risk issues and insurance requirements.
- Offer sound advice to members on tackling risk exposures and effectively presenting their business to Insurers.
- Provide members with access to Griffiths & Armour’s PI insurance facilities, to support an informed choice.
Carl Evans, Griffiths & Armour partner and CEO, said: “Neither ACE nor Griffiths & Armour can claim to control the storm that’s currently raging in the market, but we can help members to navigate their way through it and we’re looking forward to helping as many as possible through this strategic partnership.
"Underpinning this is a genuine commitment to work together to help members improve their risk profile and assist with their PI insurance arrangements. It draws upon a combined strength and the knowledge gained through our respective engagements on the issues that matter most to ACE members, many of whom will also be Griffiths & Armour clients."
Hannah Vickers, ACE chief executive, commented: “PI Insurance is one of the major issues facing our sector and is often brought up in our conversations with members. While we don’t have all of the immediate answers, this strategic partnership is a first step towards finding long-term solutions and we’re delighted to build on our long-standing relationship with Griffiths & Armour.”
Please note that as well as supporting ACE members through the strategic partnership, Griffiths & Armour will be supporting the work of ACE’s Legal & Commercial group and feeding into new guidance around insurance and liability concerns, as well as contributing regular articles to our website.
Any members with particular queries relating to their own PI arrangements should contact Graeme Tinney, Griffiths & Armour Professional Risks Director.