New Day Places Coverage With Few Alternatives to Incumbents
- A $10,000,000 aggregate on the program allowing greater flexibility in the use of limits rather than the $5,000,000 aggregates under the previous programs.
- The protective coverage for damages the insured incurs as a result of negligent acts, errors or omissions of design professional under contract to the insured.
- Mitigation of a pollution loss to prevent an otherwise pollution liability claim.
- Increased the transportation pollution coverage from $1,000,000 to $10,000,000.
- Added coverage for economic damages – the driver of professional liability insurance. The incumbent’s s program did not offer this coverage.
- Removed various exclusionary language that were on the incumbent’s program – safety exclusions, bodily injury, cost estimating, and delays in construction.
Even with all the above enhancements, the combined Contractor’s Protective Professional Indemnity (CPPI)/CPL is $16,000 less than the separate CPrL and CPL programs from the incumbent carriers.