Can my architecture/engineering firm get a project policy for just one project?

This question can get complicated because there are many different answers and it really depends on what is being asked.  Below is a list of responses it may be for a project policy.

There are project policies available; however, these will cover the whole design team.  The project policy is a stand alone policy and for the one specific project and the design team that was contracted on the project.  There are limits insurance companies that do write this type of policy and it can be restrictive on the type of project it will cover.  For example, condo projects are very difficult to get a project policy for.

When the question of project policy for one project comes up, it is common that the firm doesn’t want to cover the practice just the one project.   If you have a project that would be covered under the project policy that was described above then this is possible but if your firm just wants coverage for the one project, this is not available.  Instead your firm would obtain a Professional Liability policy for your design firm.  This covers your practice and all projects your firm provides design to.

There is also a project endorsement that may be available with your insurance company.  This is an additional limit of liability, over and above your firms practice policy and specifically for the one project.   For example, if your firm has limits of $1,000,000 per claim and $1,000,000 aggregate and the project is requesting higher limits of $2,000,000 per claim and $2,000,000 aggregate, then you may need to consider a project endorsement.  The insurance company will ask additional questions about the project, such as billings for the project, project type, services offered and approximate construction values.  The questions then will determine the premium for the project endorsement.

If you have questions about a project and the most effective means to obtain insurance for the project please call or email your Professional Underwriter agent.PROJECT CERTIFICATION AND CLOSEOUT IN A VIRTUAL COVID WORLD AND AFTER