This is a relatively new area of exposure for many Contractors, who know their potential Liabilities for Projects in which they receive a fee for design advice, is an increasing exposure. More and more Contractors need to protect their Balance sheets as their potential involvement in litigation increases to a level commensurate with other design professionals such as Architects and Engineers.
At Crottys we know the PI market for 25 years and have relationships with a range of providers who understand the Irish Market and have committed to it in the long term.
The current hard market derives from a poor claims experience across the class of Business. The Grenfell Tower disaster in 2017 was not the cause of this hard market in itself but the huge increase in claim notifications which followed that event certainly suggest that Grenfell was the catalyst which lit the touchpaper on what was already a market that was low on capacity. If this event proves anything it shows the absolute importance of placing your risk in a pool that has the capacity to trade through post catastrophic events. Like those Architects, Engineers and Design & Build Contractors that found themselves post Grenfell having to re-appraise prior completed projects, and notify claims, there is comfort in knowing that your covers are placed in A rated markets which provide security for past events and the comfort of knowing you have continuity of coverage into the future.
Because markets are currently challenging it is imperative that a client puts their best foot forward at the point of renewal. Renewal of PI covers has become a competitive process but at Crottys we can advise you on a number of measures that will give you an edge in this market. These Include early engagement in the renewal process, format for presentation of Underwriting Information including detail of presentation and claims experience interrogation including preventative risk management measures. Once discussions are entered we can explore additional measures designed to tailor the package to your specific needs and premium requirements.
Why Crotty Insurances?
- Competitive Prices for Design & Build Contractors advice PII
- Market leading wording
- Financial Stability of “A”-Rated insurers
- Capacity to provide limits from €325k up to €50M
- First-class Before and After Service – Talk to us today
- Fast Lane: 24-hour turnaround (depending on risk complexity)
- Finance options available to spread the cost over 10 months (additional charges apply)
- Technical expertise to deal with any contract and/or collateral warranty queries
- Continuity of Coverage and Capacity through all market conditions
Why not fill in the contact form or give our team member a call? Take the Stress out of your PI renewal. We will look at your details in Confidence with no obligation.