It has been a tumultuous last three years for the professional indemnity market, ever since Lloyd’s of London commenced a review of loss making classes. Professional indemnity portfolios were one of worst classes, and construction risks were some of the poorest performers. The construction professional indemnity market was then hit on another two fronts: cladding/fire safety claims post the Grenfell fire, and increased frequency in the number of large claims from project policies.
There is a high likelihood that the construction professional indemnity market is forever changed, with insurers being more discerning about the type of risks they will be prepared to write, and a possible reduction in the policy coverage together with avoidance of certain procurement methods.
How to manage owner, contractor and designer professional indemnity future requirements and risk appetites will be the subject of a round table discussion between representatives from the construction industry, insurers and lawyers.
Moderator: Michael Earp, Aon
Panellist: Amanda Burnell, Liberty Global
Panellist: Ariana Dalie, Dragados
Panellist: Mark Peterson, Aon
with Liz Booth, Commercial Risk