Owners, architects, engineers, developers, contractors and builders spend significant time, energy and money getting a project off the drawing board, and out of the ground. With ever-increasing litigation resulting in larger damage awards, it’s crucial to safeguard individuals, their businesses and projects from allegations of negligence. Single Project construction insurance combines the advantages of professional liability, Wrap-Up and Builders Risk insurance into one comprehensive policy.
Coverage is available for owners, developers or firms providing architectural, engineering, project and/or construction management services.
- Policy Form – The insurance is written on a claims-made basis with full coverage for prior acts
- Policy Period – Policy in force for the entire duration of the project
- Capacity – Limits up to $25,000,000 (limit of insurance dedicated to the project)
- Excess coverage can be arranged for most projects
- Broad coverage for all members of the design team
- Uniform limits, deductibles and coverage for single projects
- A single facility to assist with disputes and settlement of claims
- One policy for the term of the project
- Ability to ensure more than one project within a single policy
- Pollution coverage for qualifying projects
- Coverage for design-build projects
Owner Controlled Insurance Programs – OCIP
OCIP advantages to owners over traditional insuring methods
- Lower costs to the property owner as bulk purchase of insurance lowers total cost.
- Owner controlled insurance broker requires more stringent safety and loss control procedures.
- Reduction in time required for contractors to obtain insurance certificates.
- Improved risk control and claim handling.