Quantity Surveyors’ & Valuers’ PI Insurance
In a construction project pressure on Supply Chain Managers to reduce costs can have unexpected consequences. The Grenfell disaster certainly had a negative effect on all professionals involved in the project
At the time of a refit of external Insulation and Cladding in 2016 on Grenfell Tower it is alleged that the Cladding supplier was asked to supply cladding materials that were £2.00 cheaper per square meter than a less combustible version of a similar product .It is believed that the Royal Borough of Kensington & Chelsea to save money chose the cheaper cladding. Indeed the original contractor Leadbitter were dropped for a contractor whose bid was £2.5 million less.
The current hard Professional Indemnity market derives from a poor claims experience across all classes of Construction Professions. The Grenfell Tower disaster was not the cause of this hard market in itself but the huge increase in claim notifications from Construction professions 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. States as far away as in Australia have had to change legislation to allow Surveyors with cladding exclusions tender for Government work.
If this event proves anything it shows the absolute importance of placing your risk in a pool that has the capacity to trade through catastrophic events. Like those practices 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.
We have been working with Underwriters who are committed to this market for 25 years. Our Underwriters understand the Irish Market and the nuances of how it differs from the UK.
We take pride in our ability to provide technical advice around bespoke policy wording and cover to meet the needs of Quantity Surveyors. We provide a comprehensive range of cover to meet your needs, our policies include: innocent non-disclosure, breach of contract, civil/legal liability (not limited to negligence) and costs in addition.
It is our experience that the best preparation for a successful renewal of coverage is going to the market early. The longer we have your details the more effective the Marketing of your risk which will result in the best outcome for your Practice.
Why Crotty Insurances
- Competitive Prices for Quantity Surveyors 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 queries.
- Continuity of Coverage and Capacity through all market conditions