Ironshore launches owners protective professional indemnity coverage
Ironshore Specialty Casualty is introducing owners protective professional indemnity (OPPI) coverage for specific construction projects.
Ironshore’s 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 offers defense reimbursement professional liability insurance policy limit and provides defense reimbursement of third-party claims against the owner due to negligence on behalf of professionals retained by the owner for the specific project.
The product will also provide excess layer protection above the underlying self-insured retention policy limits. Ironshore’s OPPI coverage provides protection for the builder and design professionals, should underlying limits be exhausted through adjudication, mediation or settlement.
Coverage above the self-insured retention limit, applies if the subcontractor professional or builder liability coverage lapses for some reason. The OPPI is made to respond even if the owner has executed a contractual limitation of liability with the design professional or builder.
“Ironshore’s OPPI product offers project owners a value-added protection vehicle for construction project design risk” said Ben Beauvais, construction industry practice leader of Ironshore.
