PI Scheme Update 2023-24 Ireland

The policy wordings that have been a cornerstone of our Scheme facilities for generations have been refreshed and updated. Whilst they are acknowledged as an industry leading solution for professionals working in construction, they were guilty of being written in a style that previous generations would all too easily recognise. We have worked with our insurance partners to produce a fresh suite of policy wordings written in a modern, more accessible style, but critically losing none of the protections that we and our clients obviously cherish. So, whilst you will notice that the documents are easier to follow and that the key information on coverage is easier to find, they are underpinned by the reassurance that there are no changes to the cover that is offered. Despite the challenges faced in recent years, there is no doubt that we have been sheltered from the more extreme reactions seen elsewhere in the PI market. From renewal discussions with our insurance partners, it is clear that we are now in a strong position with 2024 promising to be a year in which our clients will: continue to benefit from the necessary, albeit at times difficult, decisions made in previous years, experience a more flexible underwriting approach, and see insurers better placed to recognise the nuances and complexities of individual firms. Whilst the positivity that approach will bring to our collective discussions over the next year or so is something to look forward to, the potential for us to be blown off-course next year by one or more of the challenges outlined above remains significant. That is why we will continue to work with like-minded people everywhere to try and ensure that the legal environment in which those challenges will be addressed is one which is fair.