Posted on 19 Aug 2010
Zurich, a leading property and casualty insurance provider globally and in North America, has introduced an enhanced professional liability policy aimed at design firms of all sizes that provide architectural and engineering services to the construction industry. Specialized coverage options are also available to mid-sized and large firms with annual fees in excess of $5 million.
"With this newly enhanced policy, qualified customers are covered against claims alleging negligent performance, whether direct or incidental," said Scott Rasor, head of Construction for Zurich's North America Commercial business division. "These customized solutions are designed to help reduce customers' costs while potentially enhancing their profitability."
Coverage enhancements include:
- Technology coverage for Web site and database design, design and maintenance of computer programs, business information modeling and electronic data transmission when done in conjunction with professional services
- An expanded definition of professional services to include scientists, technical consultants, technology services, and LEED accredited professionals
- Punitive damages where allowed by law
Reimbursement of legal expenses incurred while responding to lawsuits arising from violating regulations required by the Americans with Disabilities Act and the Fair Housing Act
- Reimbursement of legal expenses incurred while responding to inquiries from the Occupational Safety and Health Administration and state licensing board proceedings
- Contractors Pollution Liability with no fungus exclusion
- Automatic newly acquired or formed entities coverage for 90 days
- A deductible credit of up to $25,000 when mediation is used
There are also a number of program options, including:
- Intermediate and large deductibles
- Specific Project Excess limits with no minimum number of endorsements
- Limits of liability for practice and project-specific policies up to $25 million
The coverage is approved for use in 48 states, and Zurich has the ability to help address the needs of multi-national firms by issuing local policies in more than 150 countries.