Blog: Is a change really as good as a rest?
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MGB's Nick Bender discusses what the recent implementation of PI rules for fire safety cover introduced by RICS mean for the insurance industry and why fire safety insurance cover is the biggest issue facing the construction PI market.
One would have imagined that recent changes to the minimum terms laid down by the Royal Institution of Chartered Surveyors would have led to an easing of the UK professional indemnity insurance market, but regrettably this could not have been further from the truth. On 1 May RICS implemented the PI rules but why this change will make it easier to buy PI is anyone’s guess.
Post the Grenfell Fire in 2017 the minimum terms have changed to include fire safety exclusion, a change to the limit of
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