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:
Hiscox’s expanded coverages for general contractors include:
The expanded coverage for real estate developers and owners features:
“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.