PI Analysis: Construction sector locked out by high rising premiums
Many companies in the construction sector are struggling to obtain professional indemnity insurance cover, with the Grenfell Tower fire and the building safety crisis key drivers of premium hardening and exclusions.
In 2019, Lloyd’s ordered syndicates to limit the amount of new professional indemnity insurance they could write, due to the cover’s poor performance. Cheaper rates were withdrawn, and excess layer
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