October 31, 2024
The Building Safety Act of 2022 and the Implications for Professional Liability Webinar Recap
On October 24th, industry leaders came together for a panel-based webinar discussing the Building Safety Act of 2022 and its far-reaching implications for professionals in the construction industry and their insurance providers. Panelists discussed the significant changes this legislation brings to the UK building industry. This webinar aimed to equip professional liability practitioners with essential knowledge to advise clients and manage risks effectively.
Key Takeaways
Panelists engaged in discourse regarding the following topics:
The Origins of the Building Safety Act
This webinar provided an in-depth exploration of the Building Safety Act, outlining its origins and the pressing need for reform in the wake of past tragedies. Attendees learned how this landmark legislation is designed to improve building safety, emphasizing a shift towards greater accountability and oversight in the construction process.
Navigating the New Regulatory Landscape
A major topic of discussion was the new regulatory framework established by the Act. Participants gained insights into the specific changes that affect various stakeholders in the building industry, highlighting the importance of staying informed to ensure compliance.
Implementing Compliance Protocols
A key takeaway was the importance of establishing protocols and procedures within professional service firms. The webinar outlined practical steps for implementing these compliance measures, enabling firms to align their practices with the new requirements and avoid pitfalls.
Awareness of Professional Liability Risks
The discussion underscored the potential professional liability claims that may arise under the new regulations. Practitioners were encouraged to be vigilant and proactive in identifying risks, ensuring that they can effectively advise clients on mitigating these liabilities.
Importance for Professional Liability Practitioners
For those in the professional liability insurance sector, the Building Safety Act of 2022 is a game-changer. As design, construction, and surveying professionals are held to higher standards, their exposure to liability risks has increased. This, in turn, impacts how insurers assess risk, price policies, and handle claims.
Understanding the Act’s implications allows insurance practitioners to offer better-informed advice and more tailored coverage solutions to their clients. Whether it’s advising on updated compliance requirements or highlighting emerging risks, being knowledgeable about the changes introduced by this Act is critical for providing relevant and effective insurance products.
Moreover, as professional liability claims related to safety standards continue to rise, insurers will need to re-evaluate their underwriting practices and claims handling strategies. Staying ahead of these regulatory shifts will be key to managing clients’ evolving risk profiles and maintaining a competitive edge in the market.
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Meet the Speakers
Max Carter started his insurance career in 1984, working as a professional and financial lines broker in London and New York for various organisations including Willis and Marsh. In 2002, Max joined Beazley, where he was responsible for business development within the Specialty Lines team. In 2008, he established the specialty Lloyd’s broker, New Dawn Risk, which he continues to lead today. Max is a member of the Board of Trustees of PLUS.
Leon Hughes has 21 years of experience in the Professional Indemnity Sector having worked at Allied World Assurance Company for 13 years and another well-known London based Insurer for 8 years prior to that. He has experience in both company and Lloyds platforms and has taken a natural specialism in the Construction Industry writing a wide range of Architects, Engineers Surveyors and Contractors.
Paul Lowe is a specialist construction and insurance lawyer and partner at Kennedys in London. He is recognised in The Legal 500 UK guide to leading lawyers and in Who’s Who Legal (Future Leader – Construction). His practice focuses the construction industry and its associated insurance arrangements, covering both policy coverage and defence. Paul regularly acts for the construction industry and the insurance market in some of the market’s most complex losses. He is a member of the Strategic Leadership Group of the Get It Right Initiative and sit as a member of the RIBA’s Professional Conduct Panel.
Paul Simovic is a Managing Principal at Kohn Pedersen Fox Associates in London, part of a 600+ strong global architectural practice. He has been a practicing architect for almost 30 years with a portfolio that spans a broad variety of sectors. He has led complex urban projects from conception to completion, building consensus, engaging stakeholders, and navigating the complexities of planning and delivery in London and, since joining KPF in 1998, Paul’s has managed a number of high-profile projects, such as Heron Tower (110 Bishopsgate), a building that set the precedent for a new generation of tall buildings within the City of London, Sixty Holborn and The Scalpel as well as a number of complex adaptive reuse projects. At Panorama St Paul’s (81 Newgate Street), an outdated 1980s office building is being transformed into a contemporary mixed-use development and the new headquarters for HSBC. For Southbank Tower, Paul led the conversion of a single-use office development into a mixed-used building, incorporating residences, offices, and an enhanced public realm, while at the Which? Headquarters, a part Grade II* listed, part 1980’s office building was retrofitted to a provide a modern workplace, featuring a complex new roof extension, sensitively designed to minimise the impact on local historic views and provide a multi-function space and terrace. Paul’s international experience includes managing the design of a headquarters for Ziraat Bank, KPF’s first building in Turkey, as part of the city’s new financial district.
Paul is a member of the Royal Institute of British Architects (RIBA) and an Architects Registration Board (ARB) chartered architect in the UK.
News Type
PLUS Blog
Business Line
Errors and Omissions (E&O), Risk Manager/Insurance Buyer
Topic
Professional Liability (PL) Insurance
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