Victor O. Schinnerer & Company, Inc. has developed project specific professional liability coverage for firms entering into integrated project delivery (IPD) contracts.
The new IPD policy includes professional liability, pollution incident liability, and contractors design liability coverages. Lead designers, general contractors and sub consultants are covered under this project specific policy.
While this coverage will not be available on extremely large or high-risk projects, it does respond to the need for a dedicated policy to cover the design exposure on projects such as office buildings, infrastructure projects, public and private educational and healthcare facilities, and certain residential, commercial, and mixed-use projects, as well as other design-bid-build and design-build projects.
Additionally, the IPD policy provides an insurance solution for the American Institute of Architect’s AIA C195, Standard Form Single Purpose Entity for Integrated Project Delivery (IPD).
The premium is based on the construction value of the project and adjusted through annual audits during the design and construction phases. Targets for this coverage are firms with construction values up to $300 million. Limits of up to $5 million are available.
Source:
Topics Construction
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