Liberty Mutual and Ironshore’s dedicated construction practices have introduced an Integrated Primary Wrap Up/Project Specific program offering general liability (GL) and professional liability (PL) protection for medium and large construction projects developed through design-build or integrated project delivery (IPD). Workers’ compensation (WC) coverage will be available as a separate policy.
The new product helps better manage risk for projects that leverage design-build and IPD systems by offering an integrated policy addressing the GL and PL exposures inherent with these approaches.
According to Aldo Fucentese, vice president, National Insurance Specialty Construction, the new integrated product helps remove the potential gaps in coverage intrinsic to the design-build and integrated project delivery methods.
The new Primary Wrap Up/Project Specific policy has separate policy primary limits for GL and designers & contractors professional liability insurance (DCPL). GL is underwritten on an occurrence basis, and DCPL as a claims-made policy with retroactive protection. Completed operations and extended reporting period cover are available as are program extensions, including rectification coverage. Protective & indemnified party coverage is offered by Ironshore on a separate follow form excess policy with difference in conditions/difference in limits protection. GL & PL clash deductible can be available for additional premium.
“The design-builder’s professional liability exposures are related to the professional services assumed in the agreement with the owner and then subcontracted to design professionals on the project,” said Ben Beauvais, executive vice president, Casualty & Construction, Ironshore. “The level of project risk that the design-builder undertakes according to the contract agreement may vary from very onerous to fair-and-equitable. The professional liability coverages and the included risk management services are tailored to provide an integrated solution to design-build contractors’ complex exposures.”