The International Underwriting Association (IUA) has formed a London market committee for underwriters that provide professional indemnity insurance to the construction industry.
With representatives from 16 companies across the London market, the new construction working group is aimed at encouraging a more technical underwriting approach as well as addressing the availability of professional indemnity cover across the sector.
Chaired by Beazley professional indemnity underwriter Michael Attwell, the group will promote engagement between insurers, the construction industry, government, and regulators. It will meet every month and also liaise closely with the IUA’s existing professional indemnity forum.
“The insurance industry has to change the way it works with contractors to achieve better pricing of risk and risk allocation,” stated Attwell. “Insurers must adapt to changing standards particularly in cladding and fire protection post the Grenfell Tower disaster.
“Our goal is to build a more joined-up approach across the industry and to drive best practice going forward.”
The chairman added that “some fresh thinking” is needed within the contractors’ professional liability market to ensure that it is able to perform as a strong and stable partner through both the good and hard times.