Construction projects don’t always go as planned.
General liability insurance protects your business against worksite bodily injury or property damage claims, but what about claims by clients seeking purely economic damages for negligent design, construction or supervision?
The legal liability of architects, technical designers and construction engineers can run for many years post-construction. That is why you need a professional liability insurance. The insurance cover claims motivated by negligence, errors and omissions in a construction project’s design and execution.
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This insurance protects you from financial repercussions if you are sued by a client for errors, mistakes or omissions arising from the practice of architectural and construction professional services.
Professional Liability insurance covers the cost to defend lawsuits against you, as well as any settlements or judgments that arise out of your mistakes, in the normal course of your professional activity.
Long time after the building is ready, the construction professionals face the risk of legal action being taken against them in respect of their professional liability. The indemnities that may be made as a result of a successful claim can be huge but even the legal costs of defending the most spurious claim can cause severe financial hardship.
This insurance is designed to protect you from suffering financially if you make a professional mistake when performing your design or construction services. Even if you do not make a mistake, this insurance protects you when customers claim that you did.
Common causes for professional indemnity claims include failure to understand construction standards, technical errors and omissions in design, failure to respect the technical design, failure to properly organise and supervise the works on construction site, etc.
Generally, any mistake made by you, that causes damages to a client, is a possible cause of a professional indemnity claim.
An important choice for your professional liability insurance is the limit of liability. The limit of liability is the maximum that the insurance company will pay in the event of a claim. The higher the limit of liability, the higher your insurance premiums will be.
When purchasing a professional liability policy, you also should consider the deductible associated to the insurance product. The deductible is the amount of a claim you are responsible for paying before the insurance company’s coverage takes effect. Deductibles are a form of risk sharing and provide a financial incentive for you to take actions to reduce the risk of professional indemnity claims.
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