The Forum of Insurance Lawyers (FOIL) has thrown its support behind an initiative to reduce errors in the UK’s construction industry.
Errors are estimated to cost between £10 billion and £25 billion every year, a large proportion of which is paid by UK insurers. The magnitude of these costs is so large that it exceeds the average profit margin for the sector.
The Construction Industry Training Board, together with leading industry players, experts and the Institution of Civil Engineers, has carried out the research into the underlying costs of errors.
In response the industry-led Get It Right Initiative is proposing a strategy for change that it hopes will significantly reduce errors and the financial costs associated with them.
FOIL’s Construction Sector Focus Team is supporting the initiative by bringing together leading figures from the construction and insurance industries with the aim of developing the initiative’s strategy for change. A launch workshop is planned for late-autumn 2016.
Further information is available here.