New CICV Forum guide offers advice on professional indemnity insurance

The CICV Forum has published a new guide to the complex issue of professional indemnity insurance (PII).

The free guide outlines the state of the insurance market, the precautions firms should take and the pitfalls they face. It covers subjects ranging from extending liability to contractual liability, the nature of PII cover, insurance limits, obligations under ancillary documents and risk management.

It acknowledges that a variety of reasons have contributed to the significant increase in the cost of PII while businesses have experienced reductions in the scope of cover. It explains how market attitudes have changed following a number of incidents, including:

• A review of unprofitable insurance classes by Lloyds of London.
• Advances in the size and complexity of the design and construction process.
• Businesses taking on higher levels of risk.
• The effects of the Grenfell tragedy.
• A series of global natural disasters.

Download the free guide here.