It is now commonplace for both private and public sector employers to require consultants and contractors to maintain professional indemnity (PI) cover. Project financiers and the beneficiaries of collateral warranties also invariably seek a long-term commitment on the maintenance of PI insurance.
The increasing use of joint venture structures and pressure on contractors to accept "fitness for purpose" or similar undertakings means that a flexible and wide ranging PI coverage is an essential component of every professional's insurance protection. The increasing trend towards "Design and Build" contracts further extends the need for PI for contractors active in that arena.
Annual or single project cover
Willis Towers Watson’s construction PI specialists help organise cover on an annual basis, covering all work undertaken, or on a project basis for periods of up to 12 years combining, in a single package, indemnity to all professionals engaged on the project.
Placing, servicing and claims negotiation of this type of cover, which operates on a "claims made" basis, require particular skill and experience and access to specialist markets. Willis Towers Watson provides the necessary expertise.
