Posted on 03 Mar 2011
Victor O. Schinnerer & Company, Inc. is now offering project specific professional liability coverage for currently insured firms. The policy includes professional liability, pollution incident liability, and contractors design liability coverages.
Lead designers, general contractors, subconsultants and subcontractors can be covered under a project specific policy. Targets for this coverage may be projects with construction values up to $300 million.
The coverage responds to the need for a dedicated policy to cover the design exposure on design-bid-build, design-build and firms entering into integrated project delivery (IPD) projects such as office buildings, infrastructure projects, public and private educational and healthcare facilities, and certain residential, commercial and mixed-use projects.
The premium is based on the construction value of the project and adjusted through annual audits during the design and construction phases. Limits of up to $5 million are available.