Beazley has created a new complementary offering to its professional liability product for developers and owners of construction projects.
ContractorPro, the new product, offers “tailored” professional liability coverage for large-sized US construction contractors, specifically those with annual turnover typically in excess of $100 million.
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The product will cover first and third party professional liability and pollution risks, as well as provide protection in the event of a sub-contractor’s professional liability or contractors’ pollution liability insurance being exhausted or not responding to the contractor’s own claim.
A release said that cover is written on a surplus lines basis, which allows clients to benefit from the flexibility and financial certainty of the Lloyd’s platform, with limits up to $25 million available.
“Construction contractors have distinct professional liability requirements,” said Beazley architects, engineers & construction underwriter Michael Attwell.
“We’ve used our 30 years’ experience of insuring some of the world’s largest and most complex construction risks to develop ContractorPro. It’s a further enhancement to our suite of products for large construction contractors operating in fields as diverse as civil engineering, power generation and telecommunications. We have a flexible approach to doing business and can adapt cover so that it meets the unique needs of individual companies, whether their risks are in North America or overseas.”
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