PI Insurance and Approved Inspectors
The aftermath of the fire at the Grenfell Tower has affected how Under-Writers for PI Insurance look at the potential risks. This is currently making them look at anyone connected with fire safety with very suspicious eyes, tainted with little enthusiasm to provide PI cover.
This has impacted particularly on professionals who deal with tall residential buildings such as Fire Engineers, Architects, Facade Designers and Building Control. Approved Inspectors are, in particular, finding this a difficult time due to the stringent and onerous conditions the Government impose on their PI insurance.
As a reflection of the difficult time in insurance, and because we are involved in many high profile and tall buildings, our insurers scrutinised our risk and management procedures, and found them to be robust and safe. We are pleased to confirm that our PI Insurance remains in place.
We understand that the general fallout from Grenfell is that most Companies are experiencing much higher premium costs for their PI insurance, and this is certainly the case for us. We are sure many of our readers are in the same situation, but hopefully when the Grenfell inquiry concludes, the insurance industry will be more reassured about the risks and will settle down into a more comfortable position.