Ironshore offers coverage for construction project ownersReprints
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.