Much has been written recently about the insurance crisis in the construction industry. Contractors are reportedly facing huge premium increases when renewing their employer’s liability insurance; some cannot obtain cover at any price. Consultants are encountering similar problems in relation to professional indemnity insurance.
In truth, buyers of construction insurance have had a good run in recent years. Aggressive competition has kept premiums at an historically low level and companies such as Independent were only too willing to offer cut-price deals in order to secure business.
