{"id":29297,"date":"2021-03-05T16:16:27","date_gmt":"2021-03-05T16:16:27","guid":{"rendered":"https:\/\/newsblogsnew.ihbc.org.uk\/?p=29297"},"modified":"2021-03-05T16:16:27","modified_gmt":"2021-03-05T16:16:27","slug":"cic-industry-mega-poll-for-building-professionals-to-track-impact-of-pi-insurance-crisis","status":"publish","type":"post","link":"https:\/\/newsblogs.ihbc.org.uk\/?p=29297","title":{"rendered":"CIC: Industry mega-poll for building professionals to track impact of PI insurance crisis"},"content":{"rendered":"

\"\"<\/a>Building professionals from across the industry, are being invited to take part in the Construction Leadership Council\u2019s biggest ever review of UK\u2019s construction industry\u2019s growing professional indemnity insurance crisis.<\/h3>\n

<\/p>\n

\u2026 Some firms have reported four-fold increases in policy costs\u2026<\/span><\/em><\/h2>\n

\u2026 asks companies to provide confidential feedback on the costs and policy exclusions\u2026<\/span><\/em><\/h2>\n

The Construction Industry Council(CIC) writes:<\/p>\n

Companies from across the industry are being asked to take part in the biggest ever review of construction\u2019s growing professional indemnity insurance crisis.<\/p>\n

In recent years firms from across the industry have reported sharp increases in premiums for PI insurance, while also seeing stricter curbs on the levels of cover. Some firms have reported four-fold increases in policy costs, while others have said that they can no longer secure cover.<\/p>\n

This has been driven by multiple factors including a response to higher historic claims from the sector, as well as a cyclical hardening of the insurance market.<\/p>\n

The Construction Leadership Council is planning steps to relieve the crisis. This includes developing a robust evidence base, identifying in detail the areas where the industry is facing the most significant difficulties.<\/p>\n

The CLC is asking for companies from across the industry to take part in a survey at\u00a0https:\/\/www.surveymonkey.co.uk\/r\/CLCPII<\/a>\u00a0It asks companies to provide confidential feedback on the costs and policy exclusions that they have experienced when renewing their cover. The poll is entirely confidential, but firms are asked to indicate their type of business to help target any future support on those areas of greatest need.<\/p>\n

Construction Leadership Council Professional Indemnity Insurance Group lead Samantha Peat said:\u00a0\u201cThe Covid-19 pandemic has dominated headlines for the last year, but there is a second crisis that has been quietly growing for businesses across our industry.<\/p>\n

\u201cWe are speaking to the UK Government and insurers to find ways to help businesses that could otherwise face an uncertain future due to the nature of their PI renewals. We want businesses from across the industry to give us their views \u2013 whether you are affected or not \u2013 to help us shape the way we prepare a response from the whole sector.”<\/p>\n

CLC chair Andy Mitchell said: \u201cWe 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\u201d<\/p>\n

Read more….<\/a><\/p>\n

For more background see the NewsBlog<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Building professionals from across the industry, are being invited to take part in the Construction Leadership Council\u2019s biggest ever review of UK\u2019s construction industry\u2019s growing professional indemnity insurance crisis.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-29297","post","type-post","status-publish","format-standard","hentry","category-sector-newsblog"],"_links":{"self":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts\/29297","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29297"}],"version-history":[{"count":1,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts\/29297\/revisions"}],"predecessor-version":[{"id":29298,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts\/29297\/revisions\/29298"}],"wp:attachment":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}