BPF Spotlight Series - Insurance Committee
Our second BPF Spotlight this week is all about the Insurance Committee!
We sat down with Policy Manager Adam Cohen to get the inside scoop on the committee’s work. Here’s what Adam had to share:
❓What’s the committee all about?
🗣️The Insurance Committee handles all insurance-related matters across the property industry. It’s a broad remit, covering everything from what insurers need when modern construction methods are used to tackling building safety issues. But it’s also a crucial remit - having the right insurance framework is key to enabling the industry to build and deliver projects.
❓Who’s involved in the committee and who are its stakeholders?
🗣️The committee brings together landlords, brokers, insurers and advisors. They collaborate with two main groups: the wider property industry, helping them understand what insurers need, and then also the insurance industry and groups associated with it such as the Association of British Insurers, Flood Re and BIBA.
❓What’s keeping the committee busy right now?
🗣️Building safety is the big focus, especially with the Building Safety Act now in force. Since Grenfell, insurance availability and costs have become major challenges. Professional indemnity insurance costs, for example, have soared, driving up project expenses. Some contractors have even struggled to get insured or have left the market entirely, which threatens project delivery across the sector.
❓Who should think about joining the committee?
🗣️This is a great fit for anyone keen to tackle insurance issues in the property industry. It’s especially relevant for those working in the insurance sector or in roles where insurance plays a major part. If this sounds like you, make sure to get your application in before our Open Call closes on Saturday 14 December.
ℹ️ About Adam:
Adam covers retail and commercial policy at the BPF. He joined the BPF in January and supports the Retail Board, Commercial, Insolvency and Insurance committees.
