Architect reports 1,100% hike in cost of PI cover
By Jim Dunton2022-02-07T07:00:00
RIBA urged to do more to mitigate ballooning indemnity insurance prices in wake of Grenfell Tower fire
A Yorkshire-based architecture practice has reported an eleven-fold hike in the cost of its professional indemnity insurance cover as shockwaves from the Grenfell Tower fire continue to shake the market.
Gagarin Studio co-founder Gayle Appleyard’s social-media revelation about the practice’s latest PI bill prompted other architects to share their experiences of the ballooning cost of cover – and the impact of exclusions which are now being sought by providers despite the jacked-up cost.
Appleyard told Building Design that the latest 1,100% hike in PII cover for the Halifax practice was a significant increase on the annual doubling of cost witnessed by her practice in recent years and meant £2m of cover cost in the region of £18,000.
…