Hiscox enhances architects and engineers insurance suite

Hiscox has enhanced its architects and engineers coverage portfolio with the addition of “tailor-made” solutions for construction professionals.

The specialized insurance products reflect Hiscox’s “brand commitment to the construction professionals liability marketplace,” a release explained. The solutions are geared for all parties involved on a job site, which includes architects and engineers, general contractors, artisan subcontractors, as well as real estate developers and owners.

The company will offer faulty workmanship coverage together with a general liability policy for artisan subcontractors. Other expanded coverages for artisan subcontractors include:

• Contractors pollution liability insurance that includes coverage for transportation, non-owned disposal sites, mold and emergency response.
• Broad professional liability triggers, including a carveback for professional services performed as part of construction means and methods.
• Rectification expense for design defects.

Hiscox’s expanded coverages for general contractors include:

• Contractors pollution liability including transportation, non-owned disposal sites, mold and emergency response.
• Broad professional liability triggers including pre-construction services, delegated design, design assisted, value engineering and a means methods carveback.
• Rectification expense for design defects.
• Protective indemnity coverage.

The expanded coverage for real estate developers and owners features:

• Owners protective indemnity.
• Protective pollution protection.

“Historically, terms and coverages in the professional liability market for contractors were geared toward large contractors, leaving small and medium-sized contractors as a completely underserved market segment. As a result, many of these companies remained underinsured, leaving themselves vulnerable to a host of risks,” said Hiscox US architects & engineers product head Audrey Lau.

Lau added that Hiscox considered the unique concerns and exposures that general contractors and subcontractors face in designing the enhanced coverages.