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Ironshore offers coverage for construction project owners

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Ironshore Inc.’s specialty casualty unit on Wednesday said it has launched owners protective professional indemnity coverage for specific construction projects.

The coverage compensates 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, Hamilton, Bermuda-based Ironshore Specialty Casualty said in a statement. The coverage also provides defense reimbursement of third-party claims against the owner due to negligence on the part of professionals retained by the owner for the specific project.

Limits are available up to $15 million, according to the statement.