Raised Floor Solutions has successfully renewed its £10M professional indemnity insurance cover.
In the wake of various large-scale catastrophes in the UK construction industry – from the financial collapse of major contractors to damaging natural disasters and the Grenfell tragedy – a significant increase in PI (professional indemnity) claims had created a hardened insurance market in this sector.
A ‘hardened market’ is characterised by high demand and low supply and results in higher premiums, more stringent criteria for securing cover and additional restrictions within policies, potentially limiting the types of jobs that businesses can compete for.
Says RFS MD, Graham Hewitt, “Many reputable businesses are struggling to obtain cover, or are obtaining reduced cover at a greatly increased cost, despite having no previous or pending claims. In fact, we believe we are currently the only steel decking and concrete company able to provide clients with the reassurance of this high level of design insurance cover.
“In the current circumstances, we are both proud and relieved to have been able to maintain our £10m PI cover. This enables us to continue to secure the larger commercial projects where a higher level of insurance and collateral warranties are required,” he adds.
Raised Floor Solutions designs supplies and installs composite steel decking and concrete floor slabs throughout all industry sectors, including high rise residential, commercial office, hospitals and healthcare, education, leisure and multi-storey-car-parks.
The company is the UK’s leading provider of Kingspan Multideck steel decking and is a tier 1 supplier and installer of Kingspan access flooring.