New Day saves construction firm significant money on project professional liability policy

New Day, working with our retail broker partner, was tasked with placing project professional liability insurance for a design/build contract on a commercial building project. The owner required $10 million in limits but no dedicated limit requirement for the project.  The construction firm was purchasing a practice program with a $5 million limit and planned to purchase a $10 million project professional liability policy, which was a costly alternative.  The project professional liability program would have cost about $750,000 premium. New Day offered a different structure that applied a $5 million project excess endorsement over the firm’s $5 million practice program since there was no requirement for a dedicated limit.  This structure brought the total cost down by over $500,000 even after factoring in carrying the endorsement for 5 years. This may not be an effective solution in all similar situations but should be considered when the specifications allow.

New Day Team:

Jeff Slivka, Executive Vice President/Chief Operating Officer
Sharron Gaskins, Account Manager

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