Insurance Broker best practice guide published following Grenfell fire
Following the Grenfell Tower fire, the Society of Insurance Broking has produced a guide highlighting the need for brokers to be better informed on safe and recommended construction materials in order to provide the most appropriate coverage for their clients.
The guide aims to enable brokers to identify, understand, and accurately present construction projects and property insurances to insurers. To do so, brokers need to be able to communicate the nature of the various features and hazards involved in the size of the project or property they are insuring, including the physical hazards, such as fire protection.
The guide states that when arranging insurance for a construction project, attention should be paid to the following:
- What construction methods are being used to complete the project?
- What materials are being used?
- Which, if any, dangerous substances are being used?
- How are things being maintained?
- Who is liable for damage incurred during the construction process?
- Who is liable for damage incurred after the completion of the construction project?
Kevin Hancock, Chair of the Society of Insurance Broking, said: “With the need for affordable housing continually on the rise, as well as the demand for high-rise buildings, there is increasing pressure to complete construction projects quickly.
“As ever, insurance brokers require a comprehensive knowledge base for their area of focus. The Grenfell Tower disaster made clear that special considerations must be made for the methods used in construction in order to provide the best and most accurate policy for each distinct project.”
“In identifying the materials used, brokers should be able to consider the many different types of scenarios that could cause a disruption, and present their clients with the safest and most comprehensive cover.”
To read the full guide CLICK HERE
The Chartered Insurance Institute (CII), the leading professional body for the global financial services profession, exists to promote higher standards of integrity, technical competence and business capability. With over 115,000 members in more than 150 countries, the CII is the world's largest professional body dedicated to insurance and financial services.
Our membership covers all disciplines within the insurance industry (claims, broking, underwriting), those working in the life and pensions sector, the mortgage advice market and financial advisers (under the Personal Finance Society brand).
Our Royal Charter requires us "to secure and justify the confidence of the public" in our members and in the insurance and financial services sector.
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