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Aidan O’Connell – Looking to find out how other engineering practices are finding the renewal of PI insurance this year. For the last two years we have seen out premium increase by more than 150% with a drop in turnover and no claims or claims history. Whilst we look for renewal terms months in advance, we are told that the insurance companies are short staffed or will not look at the policy until a few days before the renewal date.
I know ENGINEERS IRELAND have been highlighting this issue for the last year but the situation has only continued to get worse and worse. 2 years ago our premium was bad. Now it is simply MAD and unsustainable. We have the situation where a Bank is looking for 6.5 million cover from an engineer overseeing the construction of a single dwelling being built for less than 400,000. If you are going to sign off mortgage drawdowns for such a house, 6.5m is insane. The time has come to tell the robbing banks to get lost and remember who bailed them out. No couple will be able to get an engineer to sign off on a house going forward. Our company will be withdrawing from this service if these premiums continue.
All fire safety matters have now also been withdrawn from engineering policies. For those that might get cover, then we are seeing enormous premiums at many multiples of previous levels. It is little surprise that cover is now being refused for repairing Mica houses in Donegal. Perhaps it is time for the government or Engineers Ireland to set up a single policy scheme for engineers in the same way that solicitors, physiotherapists and many other professions do as well. It seems that engineers are lagging way behind as usual. Heads up all. Time for us to get pro-active and vocal. #PIInsurance #engineering #ireland