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Construction under threat as insurers flee

Article image for Construction under threat as insurers flee

The construction industry could grind to a halt as insurers pull out of the market amid deepening concerns over the safety of buildings.

Professional indemnity insurance protects a business from legal costs associated with damages claims.

After the issues with the Opal and Mascot towers, there are fears insurers will no longer provide that protection within the building industry.

Callers have contacted Ross Greenwood with concerns professional indemnity insurance will no longer be available to the industry as premiums soar.

Australian Property Institute CEO Amelia Hodge tells Ross Greenwood there are only four insurers left for property valuers in Australia.

“There is a rage of big, hairy, complex issues currently facing the property industry and insurers, by their very nature, like certainty and clarity, we don’t have that currently.

“It’s last man standing when it comes to professional indemnity insurance, I’m afraid.”

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