On Wednesday, Ironshore Specialty Casualty launched its new product, which provides coverage for specific construction projects.
The product, called Owners Protective Professional Indemnity (OPPI), indemnifies the project owner/policyholder for first party loss caused by contracted design professionals and builders negligence, particularly when damages exceed the existing professional liability insurance policy limit.
Also, the coverage provides defense reimbursement of third-party claims against the project owner caused by negligence on the part of professionals retained by the owner for the specific project. OPPI essentially offers excess layer protection above the underlying self-insured retention (SIR) policy limits.
According to a release, dedicated limits re available on a project-specific basis up to $15 million.
The release also noted that the OPPI policy is designed to take effect “even if the owner has executed a contractual Limitation of Liability with the design professional or builder.”
“Ironshore’s OPPI product offers project owners a value-added protection vehicle for construction project design risk” said Ironshore Construction Industry Practice Leader Ben Beauvais.
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