Architects/engineers professional liability policy for a specific project-

The question comes up often, can my firm get a policy for just one project.  There are several answers to that question, depending on your firms current professional liability policy.

If your firm is looking to get a policy for just one project and not for other projects, this is not available.  The insurance companies can offer a practice policy for your firm, but not a policy for just one project that you may have.

However, there are project policies available.  This covers the whole design team, and each design firm will be required to have their own practice policy prior to getting a project policy.  This is typically for very large projects and will be just for the one project design team.

If your firm has a request for higher limits for a project this may be available.  For example, your firm has limits of $1,000,000 per claim/$1,000,000 aggregate and the contract is requesting $2,000,000 per claim/$2,000,000 aggregate.  The insurance company will review an application specific to this project and will determine if they are able to offer a project endorsement for the additional limits requested.  If the insurance company is not able to offer a specific project endorsement, they may be able to offer an overall increase to your firms practice limits.

Your firm may not be eligible for the project policy, project endorsement or increased limits to your firms practice policy.  If this is the case, there are excess professional liability policies available in the marketplace.  The excess policy will be limits over and above your firms practice policy and may be with a separate insurance company.

Project policies and endorsements can be complicated.  If you have questions with regards to a project policy or endorsement, please call or email your Professional Underwriters agent for assistance.