The challenges around professional indemnity insurance

The challenges facing the industry when seeking to take out adequate PII have been well documented, particularly in light of the Grenfell tragedy with the main issues being centred on the cover available for fire safety liabilities.

There is plenty of advice available in terms of processes to improve understanding and manage risk in relation to PII, but little to no visibility of practical guidance on how risks around historical liabilities (over the last 12 years) and the extent of new design and build (including materials) on major projects could be mitigated. Equally there is scope for debate about how to define and assess the competence of professionals required.

This webinar addressed some of the challenges associated with professional indemnity insurance (PII) and aimed to improve the understanding of how PII policies are developed to help mitigate risk in the construction sector. It explored how clients have managed and demonstrated company-wide real risk exposure in partnership with insurers and included case study examples highlighting the client and insurer perspectives, focusing on the challenges of PII as well as other challenges within the built environment.

Background
CIRIA launched a new Community of Practice (CoP) to bring together practitioners from the construction and insurance sectors with the objective of improving the management of risk and financial performance.

The CoP will help deliver more focused collaboration and enhance knowledge transfer in risk management through a series of network events and integrated resources within one point of reference. Some of the challenges examined within the CoP include PII, design, contract works and project insurance.