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.