The author of this article, Nicola Wilson, specializes in the provision of Professional Indemnity Insurance to the construction sector in the UK and internationally. She works primarily on the client-side on large construction accounts.
As someone returning to the broking side of the insurance industry from underwriting, I have gained valuable insights into what insurers look for when considering construction risks. While a well-structured proposal form is important, it may not fully reflect the professionalism and capabilities of your firm. In this article, I will provide an inside look at how you can present your company to professional indemnity (PII) insurers, ensuring that the market's appetite for your risk aligns with your expertise and practices.
When dealing with large construction risks, especially in industries like geotech, mining, and petrochemicals, it can be beneficial to set up a one-to-one meeting with London market insurers. This provides an opportunity to showcase your business in the best possible light and allows insurers to ask specific questions to aid their underwriting process.
While a proposal form covers essential details, a presentation enables you to expand on important aspects. Here are some elements insurers seek when assessing construction risks:
Additional Challenges Insurers Are Focused On Insurers are now paying attention to two important factors:
While insureds have a unique understanding of their businesses, presenting their expertise effectively to insurers is crucial. A poorly executed or misaligned presentation can result in a carrier declining to provide a quote, even if they were initially interested. By expanding on the information requested in a proposal form and addressing additional concerns such as ESG policies and contract management, construction companies can enhance their chances of securing comprehensive professional indemnity insurance coverage.
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