Maxum Specialty Insurance Group, an excess and surplus line of The Hartford, has launched a new professional liability policy for architects and engineers. The new product will help protect architects and engineers against errors and omissions.
“We are thrilled to announce this new policy, which strengthens our coverage offering for the architect and engineers segment and serves as the basis for our future professional liability products,” said Joe Labieniec, head of Maxum’s professional liability division. “Architects and engineers face a unique set of risks in their line of work, and having the proper insurance can help protect these businesses against claims of negligence. As a surplus lines carrier, bringing competitive products to the E&S market remains critically important to our wholesale partners in setting Maxum apart as a go-to carrier. The industry response to this new product has been positive.”
Maxum’s new policy provides coverage for a wider range of risks related to architecture and engineering services than standard policies, including:
The policy also provides built-in supplementary coverage for pre-claims and subpoena assistance, regulatory and administrative proceedings, disciplinary and defense of licensing proceedings, loss of earnings and privacy breach expenses.
The product is being offered on a non-admitted basis exclusively through wholesale brokers. It will serve as the foundation for Maxum’s plans to release additional new professional liability products in the coming months. The new products will tailor coverage to other industry segments that are commonly addressed by the E&S market, including miscellaneous professionals and lawyers, Maxum said.
Maxum’s focus for the new product is on architects’ and engineers’ that are considered hard to place because of specialization and claims history, as well as those seeking practice- or project-specific coverage. The appetite is focused on the following risks:
Maxum will write up to a $5 million aggregate limit on a primary or excess basis. The company looks for accounts with a minimum of $100,000 in annual revenue and requires a minimum premium of $5,000. Coverage is available in all 50 states and the District of Columbia on a non-admitted basis through Maxum Indemnity Company.
The company also offers risk management services and contract review at no cost to architects and engineers liability policyholders through OmniSure Consulting Group, risk management specialist for construction and design professionals.
