We were delighted to be invited to deliver a presentation at the World Architecture Festival, one of the most prestigious events dedicated to the architecture and development industry. Due to Covid-19 restrictions, the world’s largest annual international gathering of architects was held virtually for the first time since it’s inception. More than 6500 people from the architectural and design community registered to attend the week of live content, special prizes, talks, panel discussions and networking opportunities with fellow attendees and presenters.
Partner and Group Director, Paul Berg provided insight into Professional Indemnity (PI) insurance in 2021 for architects with his presentation titled ‘Crisis, Cyclical Change or a Chance to Reset?’ The presentation was part of the WAFVirtual Business Stream, which examined key issues architectural practices need to address in order to succeed as businesses in a world of increasing complexity, competition and risk.
Paul’s presentation discussed topical issues such as: the significant reduction in PI market capacity which has led to issues on the availability of PI insurance; and how significant premium increases have affected construction/design team and the broader risks to infrastructure development. Paul was joined by host Jeremy Melvin, Curator at the World Architecture Festival and Jonathan Hall, Director at Allford Hall Monaghan Morris to discuss the current market and how architectural practices can best negotiate their way through the challenges and be best placed to maintain cover.
In response to specific requests, we have included highlights from Paul’s presentation below.
Where are we now?
PI Insurance Market: Considerations
Summary: Navigating a Hardened PI Market - the current experiences for the Construction Professions
Summary: Navigating a Hardened Market - the Broker’s key role
What could all this mean? Key perspectives: Architects
Do the scale and current uncertainties around the Fire Safety risk warrant Government intervention?
Would single project insurance address the problems with current procurement practice?
Sessions are still available for registrants to watch on demand.
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