Last year marked the 75th anniversary of Griffiths & Armour’s relationship with the Association for Consultancy & Engineering (ACE) and from 1 January 2021, we are delighted to announce that we have entered into a strategic partnership as the Association’s sole adviser on Professional Indemnity
A further hardening of conditions within the PI insurance market has left many firms, including ACE members, facing increased premiums, restrictions in policy cover and, in some extreme cases, an inability to source appropriate and effective insurance protection. Conditions in the construction sector and the wider economy are only exacerbating these problems and creating a series of challenges from a liability and insurance perspective.
Our established profile in the insurance and construction sectors, and proven track record, places us in a unique position to assist ACE in addressing these broader challenges whilst supporting members with their individual PI insurance requirements. Reflecting that, the Strategic Partnership replaces the PI Broker Panel arrangements and is focussed on:
• Giving ACE a voice within the PI insurance market.
• Ensuring members are kept appraised of market developments.
• Sharing lessons learned, advising on claims, risk trends and developments within the consultancy sector.
• Engaging with and advising procurement bodies on risk issues and insurance requirements.
• Offering sound advice to members on tackling risk exposures and effectively presenting their business to insurers.
• Providing members with access to Griffiths & Armour’s PI insurance facilities, to support an informed choice.
Through the cycle of the insurance market, Griffiths & Armour have continued to provide honest, consistent and informed advice. Our clients have been better protected from the extremes of the market and on numerous occasions we have come to the aid of many distressed firms, but there is a need to be realistic in terms of what is achievable. Griffiths & Armour Partner and CEO, Carl Evans, commented that “there is no ‘quick fix’; neither ACE nor Griffiths & Armour can claim to control the storm that’s raging in the PI insurance market, but we can help members to navigate their way through it”.
Conditions won’t change overnight but underpinning this partnership is a genuine commitment to work together; helping members to improve their risk profile and assisting them with their PI insurance arrangements. “It draws upon a combined strength and the knowledge gained through our respective engagements on the issues that matter most to ACE members, many of whom will be Griffiths & Armour clients”.
ACE CEO, Hannah Vickers, commented: “PI insurance is one of the major issues facing our sector and is often brought up in our conversations with members. While we don’t have all of the immediate answers, this strategic partnership is a first step towards finding long-term solutions and we’re delighted to build on our long-standing relationship with Griffiths & Armour”.
The truth is that ACE members and the wider construction industry will face further challenges in 2021 and in terms of individual renewals, the clear advice is to start early. In a PI market that is suffering from a severe shortage of capacity everything is taking longer and firms need to present their risk properly. Griffiths & Armour Professional Risks Director, Graeme Tinney, urged firms to get in touch well in advance of their renewal, “Our team are ready to help, but time will be key to achieving better outcomes: We need to:
• understand the particular requirements of your firm;
• prepare a comprehensive submission for Insurers;
• explore the alternatives; and
• set-out the reasons for our recommendations”.
If your firm has any queries relating to your own PI arrangements or difficulties you have encountered, please don’t wait until renewal, get in touch now by clicking the Contact button below.