The Professional Indemnity (PI) market for Approved Inspectors has never been more challenging. In 2019, changes in insurer underwriting appetite meant that other approved schemes ceased to be available; as a result, our position of clear market leader was further enhanced. Today, the Griffiths & Armour team are proud to place and advise on the PI insurance requirements for 98% of the Approved Inspectors who purchase commercial insurance from the marketplace.
The statutory obligation to have PI insurance that complies with the criteria set by MHCLG continues in full force and effect. In 2021 our evolved Approved Inspectors scheme was approved by MHCLG. This followed our detailed engagement with key stakeholders from Government and the Insurance sector.
As the pioneers who designed the first widely available insurance placements that satisfied the distinct and specific requirements of the Building Act, our specialist Approved Inspectors team continue to secure and deliver renewal terms for our clients despite the current market challenges. We achieve this for our clients through a trusted and proven reputation in the insurance market.
Proactively working with our insurer partners, we have developed a number of exclusive arrangements that are carefully tailored to meet the individual needs of our range of construction clients. This includes an approved scheme providing the regulated cover required in order to perform the role of an Approved Inspector and ensures long-term sustainable PI cover remains available to our existing and new Approved Inspector clients.
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Two simple questions that are asked frequently in the current market.
The answers are not quite as simple but over the years we have invested considerable time explaining the forces that shape the market, what drives insurers’ thinking and how clients can manage their risks and relationships to achieve better outcomes.
At Griffiths & Armour, we understand the need to support informed decision making and we are pleased to make available a short video providing guidance and practical advice for Approved Inspectors in approaching the renewal of their PI insurance.
As a firm of professional Approved Inspectors, your reputation can take years to establish and only a few moments to lose. For any professional business, having a comprehensive insurance programme in place is vital, however the importance of an Approved Inspectors role in the success of any building project, and the depth of knowledge of the Building Regulations required to perform your unique services, can also leave you vulnerable to legal challenges and allegations of professional negligence.
Having the right insurance cover in place ensures you have peace of mind should the unexpected occur. The recent insurance challenges facing some Approved Inspectors have been well-publicised; it is vital to engage a broker and insurers who are experienced and respected in the sector, to help you to reassure your clients around the future viability and availability of sustainable protection.
Griffiths & Armour provided strategic advice to help us understand the options available, having a broker with international reach and understanding the requirements of the UK market was critical to the success of the project.
Development & Environment Director, Sweco
Are you an Approved Inspector that could benefit from advice on your latest contract to help you negotiate the best possible appointment terms?
Our team of experienced brokers and contract reviewers provide specialist insurance and risk management advice on all types of construction contracts, from standard forms to bespoke documents, letters of reliance through to Novation agreements.
Our Contract Review Service is part of our wider commitment to supporting you beyond insurance and is available to all Griffiths & Armour construction professional clients.
If you would like to know more about our services or how we can help, get in touch and our team will be in contact shortly.
