Ironshore offers new owners protective professional indemnity coverage
Ironshore Specialty Casualty, a Bermuda-based insurer, is providing new owners protective professional indemnity (OPPI) coverage for construction projects.
Ironshore’s OPPI product reimburses the project owner for first-party loss resulting from contracted design professionals and builders negligence when damages exceed the existing professional liability insurance policy limit.
The coverage also provides reimbursement professional liability insurance policy limit and also offers defence reimbursement of third-party claims against the owner because of negligence for professionals retained by the owner for the specific project.
The product will also offer excess layer protection above the underlying self-insured retention policy limits. Ironshore’s OPPI coverage provides protection for the builder and design professionals, should underlying limits be exhausted through adjudication, mediation or settlement.
Coverage above the self-insured retention limit is applied if the subcontractor professional or builder liability coverage lapses for some reason. The OPPI is tailored to respond even if the owner has executed a contractual limitation of liability with the design professional or builder.
Ben Beauvais, construction industry practice leader of Ironshore, said: “Ironshore’s OPPI product offers project owners a value-added protection vehicle for construction project design risk.”
