The demand for project professional indemnity (PI) is growing as construction project owners often insist a Project PI policy is in place, particularly for the larger, prestigious projects. Project owners value the benefits of certainty in the current economic climate and in response, Marsh is able to offer firms comprehensive Project PI for complete peace of mind. Designed for projects with an estimated construction value in excess of £25m, the facility can provide limits of liability of up to £20m for periods of insurance of up to 10 years and is available globally, excluding the US.

The facility can cover all project participants with responsibility for professional services rendered in connection with the construction process. This includes contractors and consultants alike, whether working individually or in joint ventures or consortiums.

What does Marsh’s construction PI facility provide?

• Non-cancellable limits of liability that are dedicated to the project

• Certainty of coverage for the project with periods of insurance of up to 10 years, with the possibility of further periods being available after completion of the construction process in order to comply with contractual obligations
• Certainty of cost for the PI insurance
• Indemnity to owners where claims by third parties are made due to professional errors or omissions committed by the construction parties
• Wrap-up coverage for all construction parties engaged in the provision of professional services

The facility can also be used by project owners as an owner-controlled insurance programme (OCIP), whereby the owner arranges the project PI insurance on behalf of the contractors and subcontractors, thereby ensuring total transparency of cost.

For further details of Marsh’s project PI facility, contact Martin Stubbs on +44 (0)20 7357 3011 or download our Project PI factsheet.