Ironshore Specialty Casualty has introduced 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 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’s 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 $15 million.
Ironshore’s OPPI product supplements the builder and design professional coverage should underlying limits be exhausted through adjudication, mediation or settlement. 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.
Ironshore’s Specialty Construction unit offers customized construction risk coverage for residential and commercial wrap-ups and specific projects, as well as practice policies for general communication contractors, subcontractors and construction-related businesses.
Ironshore provides broker-sourced specialty property and casualty insurance coverages for varying risks located throughout the world. Select specialty coverages are underwritten at Lloyd’s through Ironshore’s Pembroke Syndicate 4000.
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