News analysis: Construction sector faces hit from hardening market
Brokers must prove their worth as industries face price hikes in professional indemnity insurance
The construction insurance market is hardening, with brokers reporting difficulties in placing certain risks.
Experts have identified professional indemnity (PI) to be the biggest problem area within the sector, after a number of providers have pulled out or reduced their capacity in this line.
PI rates have also been affected by the fire in Grenfell Tower in June 2017, with many buildings now needing new cladding – a dangerous job requiring the right insurance cover.
However, according to
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