Project specific professional liability
This coverage is designed to cover all members of the design team within one policy, with a joint defence approach. It excludes the project owner and, typically, the project / construction manager, being the owner’s representative.
Although this is a very tough class of business to place, Price Forbes & Partners does have access to an ‘A+’ A.M. Best rated non-admitted carrier with limits up to USD15m and a total policy period, including discovery, of up to 10 years. This market is focused on projects with an excess of USD50m in construction values and has a minimum per claim retention level of USD100,000.