{"id":30496,"date":"2021-07-06T17:42:09","date_gmt":"2021-07-06T16:42:09","guid":{"rendered":"https:\/\/newsblogsnew.ihbc.org.uk\/?p=30496"},"modified":"2021-07-06T17:42:09","modified_gmt":"2021-07-06T16:42:09","slug":"cicv-forum-introduces-professional-indemnity-insurance-guide","status":"publish","type":"post","link":"https:\/\/newsblogs.ihbc.org.uk\/?p=30496","title":{"rendered":"CICV Forum introduces professional indemnity insurance guide"},"content":{"rendered":"

\"\"<\/a>The Construction Industry Coronavirus Forum (CICV Forum) has unveiled a new guide to the crucial and increasingly complex issue of professional indemnity insurance (PII).<\/h3>\n

<\/p>\n

\u2026 PII is a necessary tool for protecting business owners\u2026<\/span><\/em><\/h2>\n

\u2026[the guide[] offers advice on negotiating with insurers and stresses that full disclosure of risk\u2026<\/span><\/em><\/h2>\n

Scottish Construction Now<\/em> writes:<\/p>\n

The easy-to-understand\u00a0downloadable document<\/a>, produced by the Forum\u2019s unique collaboration\u00a0of trade associations, professional bodies, companies and individuals, outlines the state of the insurance market, the precautions firms should take and the pitfalls they face.<\/p>\n

And it warns that\u00a0over the last 18 months or so, a variety of reasons have seen the cost of PII increase hugely while businesses have often suffered reductions in the scope of cover.<\/p>\n

The free guide, which will be invaluable in a febrile market, offers advice on subjects ranging from extending liability to contractual liability, the nature of PII cover, insurance limits, obligations under ancillary documents and risk management.<\/p>\n

Alan Wilson, CICV Forum chair and managing director of electrical trade association\u00a0SELECT, said: \u201cPII is a necessary tool for protecting business owners who provide a service or give advice if a client claims a service is inadequate.<\/p>\n

\u201cUntil the past few years, the construction insurance market has been soft, in that there has been plenty of capacity leading to broad coverage and premium reductions driven by competing insurers.<\/p>\n

\u201cThe market has now become very hard with the consequence that premium rates have increased, cover has been restricted and, indeed, several insurers have left the market altogether.\u201d<\/p>\n

The guide explains that market attitudes have changed following a number of incidents, including:<\/p>\n