Construction Insurance Market Update – Q2 2019

Your source of construction insurance market trends and analysis.

Market conditions remain challenging for the construction industry and are set to continue this trajectory with the industry receiving a lot of media attention on the back of the Lacrosse building fire, the Grenfell Tower fire and other cladding related events.

Because of this, many insurers have been quick to introduce heavy restrictions in cover under building contractors’ insurance policies to virtually being uninsurable. BUT are they penalising the right party?

Overview:

• The ultimate decision resulting from the Lacrosse building case:
  • Issues in contention
  • Liability perspective

• Implications for Insurance Markets:
  • The impact on underwriters looking to ringfence their exposure
  • Premium increase for underwriting the risk going forward
  • Introduction of a revised examination procedure for proposed works to ensure compliance
• Aon’s view, as a construction sector leader, on the insurer’s blanket response to cladding issues in relation to the building contractor.

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