Contractors Professional & Design/Build
Highlights
As the benefits become more obvious to project owners, Design/Build is the preferred and fastest growing method of project delivery in the U.S. today. RA&MCO's Contractors Professional Liability program offers a comprehensive insurance coverage for the unique professional exposures that a contractor faces from assuming the role of a Design/Builder irrespective of having professional employees on staff or through written subcontracts.
The following are the salient features of the coverage provided by RA&MCO's Contractors Professional Liability policy:
- Provides protection to the Policyholder Contractor for allegations of professional negligence for services rendered by either their own professional staff, or their vicarious liability for services performed by subconsultants they have hired under written contract for design and other professional services.
- Protects the Policyholder Contractor or Design Build Firm for suits brought against them in the event that the professional liability coverage of their subconsultants is inadequate or non-existent.
- Coverage applies to Bodily Injury, Property Damage and Economic Loss. Economic Loss can arise in the absence of BI or PD and is not dependent on an "occurrence", an important coverage benefit provided by our Contractors Professional Liability Policy and absent in the coverage provided by the Commercial General Liability (CGL) policy.
- Designed to plug many of the gaps that exist when the only liability coverage in place for the contractor is their CGL policy.
- Protection is also well suited to Design/Build subcontractor firms such as electrical, mechanical, HVAC, plumbing and fire protection contractors for professional exposures created by their in-house design professionals.
- Definition of Professional Services includes both Construction Management as "owner agent" or "at risk".
U N D E R W R I T I N G P R O F I L E
| Worldwide Coverage: |
Claims brought in U.S. territories and possessions or Canada.
Expanded worldwide defense available by endorsement. |
RA&MCO Contractors Professional Liability Policy Form RAMCO 3052 (10/04)
Claims Made and Reported Coverage
- Easy to read policy form with broad Professional Services worldwide coverage.
- Coverage Part for Pollution Legal Liability arising from professional services.
- Mediation Deductible Credit up to $12,500.
- Coverage for incidents reported to us during the policy period which ultimately develop into claims.
- Automatic coverage for the Policyholder's legal liability arising from professional services provided by joint ventures.
- Optional Extended Reporting Periods for 12, 24 and 36 month durations are built into the policy form.
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I N S U R E R P R O F I L E
HCC Insurance Holdings, Inc.
Houston Casualty Company
- Best Key Rating 2005: A+ (Superior), XI
- Approved Surplus Lines: Approved Surplus Lines in all 48 states (except TX & NH).
HCC Specialty Insurance Company
- Best Key Rating 2005: A+ (Superior), XI
- Approved Surplus Lines: Approved Surplus Lines in Texas.
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Annual Aggregate Limits:
Up to $5 Million
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Minimum Premium:
$5,000
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Minimum Deductible:
$10,000
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