Covering contractors' professional liability risks

Increasingly, contractors are being asked, to one extent or another, to furnish designs themselves. In addition, they are finding themselves engaged not just in traditional construction activity but also in consulting. These developments have created professional liability exposures to which the ins...

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Bibliographic Details
Published in:American agent & broker 1996-07, Vol.68 (7), p.28
Main Authors: Simpson, Brad, Taylor, Steve
Format: Magazinearticle
Language:English
Subjects:
Architects
Architecture
Case studies
Construction contracts
Contract negotiations
Contractors
Cost control
Engineering firms
Engineers
General contractors
Insurance agencies
Insurance coverage
Joint ventures
Liability insurance
Professional liability
Professional liability insurance
Professionals
Risk exposure
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Summary:Increasingly, contractors are being asked, to one extent or another, to furnish designs themselves. In addition, they are finding themselves engaged not just in traditional construction activity but also in consulting. These developments have created professional liability exposures to which the insurance marketplace has responded with new contractors professional liability insurance. The Lockton Cos. has several hundred contractor clients. There are primarily 3 types of contractors Lockton encounters with professional liability exposures: general contractors, specialty contractors and environmental contractors. General contractors face 4 main types of professional liability exposures: 1. They may render design services through an in-house staff of architects and engineers. 2. They may subcontract out such work to an architectural or engineering firm, thereby incurring a contingent liability exposure. 3. They may offer construction management services. 4. They may be involved in program management.
ISSN:0002-7200