Managing general agent MGAM and insurance software provider INSTANDA have launched a new government-backed professional indemnity insurance scheme for EWS1 assessors.
Property surveyors can now purchase the new insurance cover, which is delivered by Acrisure subsidiary MGAM and SCOR, in partnership with the Department for Levelling Up, Housing, and Communities.
According to INSTANDA and MGAM, the scheme addresses the shortage of providers of professional indemnity cover to companies conducting assessments of external wall systems, commonly known as EWS1 forms, in mid- and high-rise residential buildings. EWS1 forms were developed by the Royal Institution of Chartered Surveyors, UK Finance and the Building Societies Association to support the valuation process for cladding in high-rise residential buildings.
The scheme is scheduled to last for five years, after which private insurers are expected to return to the market, eliminating the need for a state-backed scheme.
“Winning the government contract to develop this PI scheme for EWS1 assessors means a great deal to our business,” said Jason Anthony, founder and CEO of MGAM. “Using INSTANDA’s core insurance platform gave us the confidence that we could launch our product to market quickly, while guaranteeing the very best user experience and customer service – something that was crucial for all parties.”
“Partnering with an innovative and forward-thinking organisation like MGAM has given us another opportunity to demonstrate, in real business value terms, how well our core insurance platform can respond to today’s complex insurance needs,” said Tim Hardcastle, co-founder and CEO of INSTANDA. “We believe the agility of our technology makes INSTANDA best placed when it comes to responding to the diverse needs of the insurance industry and the customers it serves. We’re proud that our no-code technology provided MGAM with the ease and flexibility it needed, enabling their team to quickly develop the solution in-house.”