The International Underwriting Association has established a new London market committee for underwriters providing professional indemnity cover to the construction industry.
The IUA says a particular focus for the international group will be issues around the use of cladding and fire protection following the Grenfell fire, which claimed 72 lives in 2017.
The Construction Working Group, which already has representatives from 16 companies across the London Market, will look to encourage a more technical underwriting approach while addressing the availability of professional indemnity cover across the sector.
Beazley professional indemnity underwriter Michael Attwell is chair of the new group.
“The insurance industry has to change the way it works with contractors to achieve better pricing of risk and risk allocation. Insurers must adapt to changing standards particularly in cladding and fire protection post the Grenfell Tower disaster,” Attwell said.
“Our goal is to build a more joined-up approach across the industry and to drive best practice going forward.
“The contractors’ professional liability market needs some fresh thinking – this is essential to ensure that the market is able to perform as a strong and stable partner through hard times as well as good.”