Mortgage News
Surveyors’ PI costs cause ‘challenges’ as pressure mounts over high-rise building assessments
The government has admitted that sharp rises in professional indemnity insurance (PII) costs are causing “challenges” to fire assessors and surveyors obtaining cover.
It is understood that significant increases in PII are reducing the number of surveyors and fire assessors available to undertake assessments of high-rise buildings for mortgage lenders, leaving many people unable to sell their properties.
The issue has proved particularly concerning as a new process to value and assess the fire safety of high-rise buildings was introduced in December which was hoped to ease the problem.
In a written question, Labour MP and shadow children and families minister Steve Reed asked what assessment the government had made of the adequacy of the market for professional indemnity insurance for fire assessors, surveyors and other fire safety professionals.
In reply, housing minister Christopher Pincher said: “The government is aware that the market for professional indemnity insurance has hardened and is engaging with the insurance industry on the challenges that presents.”
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However, the Ministry of Housing Communities and Local Government was not able to confirm what action had been taken so far.