7 Questions with Faye Patrick

Welcome to 7 Questions with BB7, our interview series celebrating the incredible people behind BB7. Each edition gives you the chance to get to know the people behind our business as they share their career journeys, day-to-day experiences and the insights they’ve gained along the way.

In this edition, I sat down with Faye Patrick, our Underwriting Director, to reflect on more than 17 years in the Insurance Services industry. From what first sparked her interest in insurance to how construction risk has evolved, Faye shares her perspective on the value of building long-term client relationships, the growing importance of Latent Defects Insurance and Insurance Backed Guarantees, and why she was excited to help establish BB7’s Insurance Services offering.

1. You’ve spent more than 17 years working within the insurance sector. Looking back on your career, what first attracted you to the industry, and what has kept you passionate about it over the years?

I studied Risk Analysis at university, which developed my analytical skills and first sparked my interest in insurance. I then started my career at Zurich, working on solicitors’ Professional Indemnity renewals, and that early experience really confirmed that insurance was the right fit for me.

What has kept things interesting over the years is the variety. I’ve had the opportunity to work across a wide range of insurance classes, so there has always been something new to learn. More recently, specialising in Latent Defects Insurance has given me the opportunity to develop expertise in a more niche area, which continues to challenge and motivate me.

2. Having worked with developers, contractors, lenders and consultants throughout your career, what are the biggest changes you’ve seen in how construction risk is understood and managed?

One of the biggest changes I’ve seen is tighter regulations, which have ultimately strengthened the industry and raised standards.

There’s also much more emphasis now on understanding and managing construction risk from the outset of a project, rather than waiting for an issue to arise and reacting to it. I’ve seen a real shift towards being more proactive, alongside a much greater focus on customer protection, which I think should always come first.

3. BB7’s Insurance Services offering is a relatively new addition to the business. What attracted you to the opportunity, and what excites you most about helping to grow this service line?

After more than a decade working in the Latent Defects Insurance market, I felt ready for a new challenge. What attracted me to BB7 was how closely the company’s values and approach aligned with my own, but also the opportunity to be part of building something new.

Insurance Services felt like a natural extension of the expertise BB7 already has across fire and façade engineering. It’s exciting to be able to complement those existing services while developing an offering that provides even greater value and protection for our clients.

4. Latent Defects Insurance is becoming an increasingly important consideration for many projects. From your perspective, what are some of the key benefits of LDI, and why should project teams be thinking about it earlier in the development process?

At its core, Latent Defects Insurance (LDI) is about protecting the end user and giving purchasers confidence in the quality of the buildings they’re buying.

Considering LDI earlier in the development process also encourages a more proactive approach to risk management. It gives project teams the opportunity to identify and address potential issues during construction, rather than discovering problems after completion when they can be far more difficult to resolve.

Ultimately, that benefits everyone involved. It helps promote higher standards, reduce risk and provide greater confidence in the quality of the finished building.

5. Insurance Backed Guarantees can provide valuable protection for building owners and investors, but they’re not always fully understood. What are some of the common misconceptions you encounter, and what should clients know when considering an IBG?

One of the most common misconceptions is that an Insurance Backed Guarantee (IBG) provides cover from day one in the same way as a standard insurance policy. That’s not quite how an IBG works.

An IBG is designed to step in only if the contractor is no longer able to honour their guarantee obligations. It’s therefore important to understand that it complements the contractor’s guarantee rather than replacing it. Having that distinction clear from the outset means clients understand exactly what protection they have and how the cover would respond.

6. As a woman who has built a successful career in a traditionally male-dominated sector, what advice would you give to other women looking to progress within the insurance or construction industries?

I’ve seen the insurance industry evolve significantly throughout my career, with more women now progressing into senior leadership positions. Construction has made progress too, although I think there is still some way to go in achieving the same level of representation.

My advice would simply be not to let traditional stereotypes or perceptions discourage you. If insurance or construction is an industry you want to build a career in, don’t allow outdated ideas about who belongs in those sectors to stop you from pursuing it.

7. After more than 17 years in the industry, what is the most important lesson you’ve learned about building trust and long-term relationships with clients?

The most important lesson I’ve learned is that trust is built through honesty, consistency and delivering on commitments.

Technical expertise is obviously important, but clients also want to work with someone who is approachable, transparent and willing to have open conversations with them. I’ve learned that building those relationships over time is just as important as providing the right technical advice.

A huge thank you to Faye for taking the time to share her experiences and insights from over a decade in the insurance industry. It was a pleasure hearing about her career journey, the lessons she’s learned along the way, and the passion she brings to helping clients manage construction risk through BB7’s Insurance Services.