An increasing number of members are reporting difficulties accessing affordable and effective Professional Indemnity (PI) Insurance. The market for Professional Indemnity Insurance continues to experience volatility reflective of the perceived risk profile of the construction sector.
Engineers Ireland continues to engage with insurers, statutory agencies and construction industry bodies on the topic of PI Insurance. The area is complex with many different inputs including procurement, fire safety, building regulations etc. The Irish market for PI Insurance is experiencing the same influences as other markets from the UK to Australia. There is no simple solution to the current market, but members can prepare in advance to obtain the best available cover.
Here are some steps to consider when seeking a quotation for cover:
- Preparation is important – the market is more complex so start your search for a quotation 2-3 months before your existing cover expires. This will provide the best opportunity to compare insurance offers.
- Be sure to have a list of your projects and a corresponding risk assessment to provide to prospective insurers.
- Let your clients know that the insurance market is changing - this will allow you to indicate changes, cost and cover for their projects.
- The below video, kindly provided by our partners Griffiths & Armour, also provides some additional guidance.