IUA forms new London market construction group
The International Underwriting Association (IUA) has established a new London market committee for underwriters providing professional indemnity cover to the construction industry, with a focus on issues surrounding the use of cladding and fire protection in the wake of the Grenfell fire.
The International Underwriting Association (IUA) has established a new London market committee for underwriters providing professional indemnity cover to the construction industry, with a focus on issues surrounding the use of cladding and fire protection in the wake of the Grenfell fire.
The Construction Working Group aims to encourage a more technical underwriting approach and address the availability of professional indemnity cover across the sector. It will promote engagement between insurers, the construction industry, government and regulators.
Michael Attwell, professional indemnity underwriter with Beazley is chair of the new group which already has representatives from 16 companies across the London Market.
He said: “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.
“Our goal is to build a more joined-up approach across the industry and to drive best practice going forward. 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.”
The Construction Working Group will meet on a monthly basis and liaise closely with the IUA’s existing Professional Indemnity Forum.
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