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Insurance Business | 21 Dec 2017, 06:00 AM Agree 0
"Insurance companies are hammering the industry," says expert
  • | 11 Apr 2018, 02:58 AM Agree 0
    It’s the historical risk that PI insurers are concerned about... PI Insurance is written in a ‘claims made’ basis, meaning that the insurer who is ‘on cover’ when a claim is made is not just proving cover for the current year, but for all previous years that PI cover has been continuously held for... this means that if a claim is made for a building that was clad in non-fire retardant core ACM’s 10 years ago, but which is now considered to be potentially unsafe, the current insurer will have to pick up those costs... It could mean claims for tens of buildings for every specialist cladding risk, or even main contractors where there was cladding expoure... To be honest, if you’re premium has risen 1000%, you’re perhaps lucky, as most won’t get offered the cover at all going forward
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