Over the last three years, JMD Ross Insurance Brokers has kept consulting engineer and architect clients appraised of the ever-hardening professional indemnity (PI) market.

The PI market has changed over the past 12 months and this will undoubtedly continue through 2022. We are seeing insurer rating increases, withdrawals from the market and, in some cases, the introduction of concerning policy restrictions.

We are also being approached by non-JMD Ross client firms that cannot obtain PI coverage or are being offered exponential premium increases. We are always willing to assist them.

A significant factor in the hardening market has been a reaction to the increased frequency and severity of claims. Claims are not limited to headline cases, such as the defective Sydney high-rise buildings, Opal Tower and Mascot Towers.

JMD Ross is often asked about claims trends and our industry associate, law firm Clyde & Co, has written an informative article about this.

Clyde & Co agrees that construction industry SMEs face significant challenges obtaining insurance in terms of costs and cover. The Covid-19 pandemic has added a further layer of risk and exposure for SMEs.

The article is the third in a series and links are available to the earlier two articles.

The issues canvassed echo many points JMD Ross regularly discusses with clients, including risk prevention strategies, common types of claims and how to avoid them, and insureds’ disclosure obligations.

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