Designer Single Project Professional Indemnity Insurance

sppi_1673947848_167445845

What is it for

Предназначение

Designer Single Project Professional Indemnity (SPPI) is a type of Professional Indemnity Insurance for planners, designers, engineers and architects involved in the same and single project where Professional Indemnity Insurance is required.

Coverages, extensions and exclusions are the same as with a regular Professional Indemnity Insurance policy, with the difference that the contract is concluded for the duration of the project plus the required post-launch warranty period. The Designer's Liability Insurance covers applicable claims against any insured project participant throughout the project’s lifetime, from sketching to completion of construction, and for any extended detection period of up to 10 years or longer.

Usually, the Policyholder is the general contractor or chief designer. It is the responsibility of the designer to insure liability.

This is much more convenient for the Customer, since he does not need to regularly monitor the annual policies of all project participants in order to spend the limit, extend the policy and agree on insurance conditions. It is also convenient for project contractors, since the cost of insurance is transparent and can be easily distributed among all project participants and it is usually proportional to the participants' fee.

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What can be insured

The object of insurance is property interests of the Insured under the contract that do not contradict the legislation of the Russian Federation and which are associated with the risk of his liability for obligations arising from damage to property, life or health of Third Parties (Customers) when the Insured carries out the professional activities.

Liability of construction Companies and designers

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Insured risks

Coverages, extensions and exclusions are generally the same as with a regular Professional Indemnity Insurance policy, with the difference that the contract is for the duration of the project (plus the required post-commissioning warranty period) from sketching to completion of construction, and for any extended detection period lasting up to 10 years or longer, and all project participants are covered under it.

  • Errors and omissions
  • Defense expenses, fees and costs
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Supplemental coverages
  • Computer data and documents recovery
  • Compensation for participation in legal proceedings
  • Right to intellectual property objects
  • Employee dishonesty
  • Oral and written slander
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Who can insure

Construction companies and designers

 
 

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Benefits of Designer Professional Indemnity Insurance from GARDIA:

  • Terms of Professional Indemnity Insurance specially designed for various industries
  • High standards of claims handling, including elements of claims settlement quality control at various levels of Company management

FAQ

What are the exclusions from the coverage??
Main exclusions from coverage:
  • violation of competition;
  • deliberate actions;
  • claims already known or declared earlier (under other policies) as of the insurance period inception date and/or circumstances that may lead to them;
  • damage to property, health and / or life, since these risks are covered by General Liability Insurance policies. However, depending on the specific risk and the Insurer’s underwriting policy, damage to property, health and / or life that occurred due to a breach of duty may be exempt from this exclusion;
  • contractual liability (with the exception of such liability, which would normally arise in the absence of a contract);
  • environmental pollution (often defense expenses can be exempt from this exclusion).
What are the coverage extensions?
  • payment for the necessary attendance in court;
  • extended detection period (in case of non-renewal of the policy by the Insurer);
  • loss of documents
How are insurance payments calculated for this type of insurance?
Payments under this type of insurance are limited to the sum insured or the Insurer’s liability limit, which is usually cumulative for all insured events during the insurance period.
What insurance period is covered by insurance?
Insurance usually does not cover claims for actions taken before the insurance period inception. If necessary, retroactive coverage can usually be provided at an additional premium. At the same time, the date of retroactive effect is indicated in the insurance contract, i.e. the date from which all subsequent wrongful professional acts will be covered.