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What the drive for building safety means for professionals and their liability with John Winter of Apex Insurance and Anna Clare Harper.
In Anna's words:
The post-Grenfell drive for improved building safety has, rightly, shaken up the construction industry.
One consequence of many, is the significant change in the costs of Professional Indemnity Insurance and the timeframes it is needed for.
I spoke to John Winter from Apex Insurance about:
- Extended liability periods: from 6 years from practical completion on a project to 15 years, and a new retrospective right to claim for 30 years, leaving firms open to claims dating back to the mid-nineties.
- Increased costs of cover: with cheaper insurance providers leaving the market, costs of PI cover are increasing by 500-800% for many professionals on renewal.
- What increased costs of business mean for professionals, including fears of an exodus of professionals and fewer building projects being viable, making it ever harder to meet our national housing targets.
Guest website: https://apexinsurancebrokers.co.uk/
Guest LinkedIn: https://www.linkedin.com/in/johnwinter-pispecialist/
Sponsor website: immo.capital
Sponsor LinkedIn: https://www.linkedin.com/company/immoinvesttech/
Host LinkedIn: https://www.linkedin.com/in/annaclareharper/
Host website: annaclareharper.com
