Following the Grenfell Tower fire in 2017, the negative spotlight on cladding materials had a major knock-on effect for the construction industry, from builders and sub-contractors to architecture firms. Days after the incident, cladding installed on buildings more than 18m in height was called into question by the Government, leading to significant increases in premiums for Professional Indemnity Insurance. Bryan Banbury, Managing Director of leading independent insurance broker Russell Scanlan, discusses the impact on the insurance industry and advises how companies can plan ahead when renewing policies.
Many in the insurance industry, and in particular in the construction sector, will have taken note of the recent Scottish Court of Session decision in the case of SSE Generation – v – Hochtief as it relates to the core principle of ‘Joint Names’ insurance. Phillip Lamb of MPW explains more.
