AIBS Member Statement Professional Indemnity Insurance

22 November 2019

Almost every day now, we are hearing reports from members faced with very difficult scenarios with PI renewals. Costs and excesses are increasing dramatically and new, previously unheard of, exclusions are coming into play.

In the past month we have received reports of new policies excluding wind farms, solar farms, wheat silos, many types of commercial buildings and more recently domestic swimming pools and swimming pool fencing. Not only building surveyors are affected. These problems are also spreading to insurance policies for fire engineers and architects.

Just where this will stop remains to be seen. Only one thing is certain. If nothing is done to stem the tide of deterioration in the availability of viable PI insurance, building surveyors and other consultants are going to struggle to stay in business and the Australian community will be hit very hard with increased costs, delays and possible limitations on what they can build.