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.
A decade and $14.5 billion after Hurricane Katrina, the U.S. Army Corps of Engineers is nearing completion of permanent pump stations, surge gates and improved levees to reduce the risk of storm damage in New Orleans. In Business Insurance's latest In Focus video, Assistant Managing Editor Aranya Tomseth visits one of the pump station sites to learn about the improvements that have been put in place.