Ironshore Specialty Casualty is introducing owners protective professional indemnity (“OPPI”) coverage for specific construction projects.
The company said in a statement that its OPPI product indemnifies the project owner for first party loss resulting from contracted design professionals and builders negligence when damages exceed the existing professional liability insurance policy limit. The coverage also provides defense reimbursement of third-party claims against the owner due to negligence on the part of professionals retained by the owner for the specific project.
Ironshore said that its OPPI offers excess layer protection above the underlying self-insured retention (“SIR”) policy limits. Dedicated limits are available on a project-specific basis up to $15M.
Ironshore's OPPI product supplements the builder and design professional coverage should underlying limits be exhausted through adjudication, mediation, or settlement, the company added. Coverage, above the SIR limit, applies if the subcontractor professional or builder liability coverage lapses for whatever reason. The OPPI policy is tailored to respond even if the owner has executed a contractual limitation of liability with the design professional or builder, according to the company.
“Ironshore's OPPI product offers project owners a value-added protection vehicle for construction project design risk” noted Ben Beauvais, the construction industry practice leader.
Learn more: www.ironshore.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].