Since the Grenfell Tower fire, companies in the construction industry have found it increasingly difficult to secure appropriate and affordable Professional Indemnity (PI) insurance. A recent CLC survey found that average premium rates were nearly four times higher at last renewal compared to the year before, and almost a third of companies were unable to buy the cover they want or need. Over 60% of companies had some form of restriction on their cover relating to cladding or fire safety, with the result that a third were prevented from undertaking remediation work on unsafe cladding.
To help the industry, Build UK has published a guide to PI insurance which provides an overview of what it is, why it is needed, and how it can be obtained in the current market.
FIS is reviewing options and has established a working group to look at provision in the Finishes and Interiors Sector, if you want to find out more about this work, please email firstname.lastname@example.org of call Iain on 07792 959 481.