Designed to protect contractors who can be held responsible should they fail to deliver on agreed professional activities and duties, the product will cover damages, claimant costs, and the cost of replacing or restoring documents.
It will also cover other expenses or defence costs as well as protect against issues which can include a breach of confidentiality, infringement of IP rights, negligence, libel, and slander.
“Issues such as the Future Homes standard requiring all new homes to produce 75-80% less carbon emissions than homes built under the current building regulations, growing requirements to use green sustainable products in construction and an increase in government legislation and regulations, are just some of the factors that are pushing demand for high-quality design and construct professional indemnity cover,” said Edward Ambrose, UK head of professional indemnity at RSA Insurance.
The D&C product is aimed towards contractors who are liable for professional activities and duties, whether done by their own design team or department or if consulting engineers and architects were hired. This also includes firms who directly undertake design or hire subcontractors who erect, install, repair, or supply.
“Our professional indemnity strategy focus is growth through a balanced mix of existing and new professions, facilitating a sustainable underwriting approach for our customers, across economic cycles,” said Ambrose.
The D&C product can be availed by brokers and their clients through RSA’ Mid-Market business proposition.
This is the third product launched by the business arm this year. The first was an excess of loss product in July, followed by a pension trustee liability product in September.
Have something to say about this story? Leave a comment below and share your thoughts.