Marsh launches PI facility for major construction projects
Marsh has launched a new project professional indemnity (PI) insurance facility designed for major construction projects with a value in excess of £25 million.
According to the broker, the facility can provide limits of liability of up to £20 million for periods of insurance of up to 10 years and is available globally, excluding projects located in the US.
The new offering has been developed by Marsh’s Financial and Professional Practice in London and can cover all participants with responsibility for professional services rendered in connection with the construction process.
This includes contractors and consultants, whether working individually or in joint ventures or consortiums.
The facility can also be used by project owners if they are arranging the project PI insurance on behalf of contractors and subcontractors.
Marsh’s Financial and Professional Practice senior vice president, Martin Stubbs, comments: “Many project owners are now insisting that a construction project PI policy is in place, particularly for the larger, more prestigious projects, as they appreciate the benefits of certainty in these uncertain economic times.
Category: Business Insurance News, Insurance News, Marsh News
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