Professional Indemnity insurance for architects will be more expensive as the PI market hardens
For almost twenty years the UK professional indemnity insurance market has been a ‘soft’ or buyer’s market, with many insurers competing to offer architects comprehensive policies at very low premiums.
However, for the first time since 2001, following years of unprofitability for insurers, PI insurance premiums are increasing whilst cover for architects is reducing. Add to this a series of adverse events, including the Grenfell Tower disaster in 2017, and it’s not difficult to see why insurers have decided to reduce their exposure to PI claims, or leave the marketplace altogether.
This development is, of course, unwelcome, especially for architects who will end up paying more for their PI insurance – or worse, find it harder to secure PI cover.
CLEAR’s PI specialists can help. Our in-depth knowledge of the market and exclusive insurance arrangements with a network of insurers means that we are well placed to secure better PI cover for our architect clients.
To find out more email: email@example.com or call 020 7280 3479.