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Construction has been dealt another insurance blow after Allianz Global Corporate and Specialty (AGCS) pulled out of its structural warranty partnership with BLP.
The insurer acted as underwriter for BLP’s residential, commercial and mixed-use latent defects insurance.
BLP has now started discussions with other insurance companies as it searches for new underwriting partners.
In the interim period, AGCS will continue to underwrite BLP
business up to 27 November 2020 and will continue to provide a full claims
service arising from all inherent defects insurance (IDI) policies agreed up to
BLP added that it will continue to service and audit all quotes accepted for policies agreed up to that date.
The construction industry has been battling rising premiums for several years, a situation exacerbated by the Grenfell fire disaster three years ago this week.