Scheduled to last for five years, the new scheme will address the shortage of providers of professional indemnity cover to companies conducting assessments of external wall systems, or EWS1 forms, in mid- and high-rise residential buildings.
Originally developed by the Royal Institution of Chartered Surveyors, UK Finance and the Building Societies Association, EWS1 forms support the valuation process for cladding in high-rise residential buildings.
Under the new scheme, surveyors are now able to purchase the new insurance cover, delivered by Acrisure subsidiary MGAM and SCOR, in partnership with the Department for Levelling Up, Housing, and Communities.
Jason Anthony, founder and CEO of MGAM, comments: “Winning the government contract to develop this PI scheme for EWS1 assessors means a great deal to our business.
“Using INSTANDA’s core insurance platform gave us the confidence that we could launch our product to market quickly while guaranteeing the very best user experience and customer service – something that was crucial for all parties.”
Tim Hardcastle, co-founder and CEO of INSTANDA, adds: “Partnering with an innovative and forward-thinking organisation like MGAM has given us another opportunity to demonstrate, in real business value terms, how well our core insurance platform can respond to today’s complex insurance needs.
“We believe the agility of our technology makes INSTANDA best placed when it comes to responding to the diverse needs of the insurance industry and the customers it serves. We’re proud that our no-code technology provided MGAM with the ease and flexibility it needed, enabling their team to quickly develop the solution in-house.”