The International Underwriting Association has established a new London Market committee for underwriters providing professional indemnity to the construction industry.
The Construction Working Group will meet on a monthly basis and liaise closely with the IUA’s existing Professional Indemnity Forum. Of particular focus will be issues surrounding the use of cladding and fire protection.
Professional indemnity underwriter at Beazley, Michael Attwell, is chair of the new group, which already has representatives from 16 companies across the London Market.
“The insurance industry has to change the way it works with contractors to achieve better pricing of risk and risk allocation. Insurers must adapt to changing standards particularly in cladding and fire protection post the Grenfell Tower disaster,” he said.
“The contractors’ professional liability market needs some fresh thinking – this is essential to ensure that the market is able to perform as a strong and stable partner through hard times as well as good.”
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