The following article is in response to a recent publication by the construction industry. “Contractors hit by spiralling PI insurance costs“, in which they outline some of the reasons behind the rise in premiums. There is however a silver lining, companies who have proven methods to mitigate risk and can demonstrate this through their safety track record may be able to negotiate their premiums lower. By using a versatile integrated tool such as Flex Manager to accomplish this your company has all the tools readily available to implement a modern HSEQ system to meet your needs. Contact us today and see how we can proactively assist your company.
The cost of professional indemnity insurance is becoming a major challenge for contractors, according to research published today by the Civil Engineering Contractors Association (CECA). Original Article
CECA chief executive Alasdair Reisner said: “There has been a substantial hardening of the insurance market accessible to contractors, which has meant there are fewer insurance providers, narrower cover, increasing premiums, and higher policy excesses.
“We are advising our members as to the best steps they can take to mitigate these challenges and are recommending that they access information on forthcoming renewal of policies as early as possible, meet directly with their insurers, and identify the appropriate risk management procedures to deploy across their businesses.
“We now hope to work with government, our members, and the insurance companies themselves, to identify steps that will improve the availability and affordability of insurance in the infrastructure sector.”
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The Construction Index (2020). Contractors hit by spiralling PI insurance costs. [online] Theconstructionindex.co.uk. Available at: https://www.theconstructionindex.co.uk/news/view/contractors-hit-by-spiralling-pi-insurance-costs [Accessed 30 Jan. 2020].