It will meet on a monthly basis and liaise closely with the IUA’s Professional Indemnity Forum
The International Underwriting Association (IUA) has established a new London Market committee for underwriters providing professional indemnity cover to the construction industry.
Deemed the “Construction Working Group” it will promote the engagement between insurers, the construction industry, government and regulators.
One key focus will be issues surrounding the use of cladding and for protection in the wake of Grenfell.
Michael Attwell, professional indemnity underwriter at Beazley will chair the group.
He said: “Our goal is to build a more joined-up approach across the industry and to drive best practice going forward.”
What will the group do?
The group aims to encourage a more technical underwriting approach while addressing the availability of professional indemnity cover across the sector.
It already has representatives from 16 companies across the London Market.
Atwell said: “The insurance industry has to change the way it works with contractors to achieve better pricing of risk and risk allocation.
“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.”
Atwell warned that insurers must adapt to changing standards particularly in cladding and fire protection following the Grenfell Tower disaster.
The group will meet on a monthly basis and liaise closely with the IUA’s existing Professional Indemnity Forum.
It was established by the IUA which represents international and wholesale insurance and reinsurance companies operating in or through London. It exists to promote and enhance the business environment for its members.
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