Welcome to the Winter Construction Case Update from The Vinden Partnership
In this ebook, Peter Vinden, chief executive of The Vinden Partnership, looks at some of the key issues relating to contracts and insurance in the construction industry.
Firstly, Peter discusses the importance of achieving certainty when settling construction-related disputes.
He looks at the options available to parties when disputes arise, what happens when differences cannot be settled through negotiation and what happens when a settlement agreement does not include the proper provisions or rules to deal with any subsequent disputes.
Peter highlights a case where this became an issue and the value of including appropriate and specific provisions in settlement agreements.
In his second article, Peter unpacks the insurance crisis currently facing the construction industry and what this could mean for companies in 2020.
In the wake of the Grenfell Tower disaster, indemnity insurance premiums have been increasing sharply, with some professionals and contractors reporting hikes of up to 300% – if cover is being offered at all.
Insurers have become extremely wary of their clients being involved in buildings that need external cladding systems to be replaced, fearing a raft of claims if remediated buildings suffer subsequent fires.
With some contractors and professionals throwing in the towel because they simply cannot secure appropriate insurance, Peter makes some predictions for the year ahead and what can be done to come up with an insurance product that allows hundreds of buildings to be made safe, while giving confidence to owners, occupants and stakeholders.