Ironshore International has introduced a packaged policy to provide combined professional indemnity and general liability insurance for specialist engineers.
Bermuda-headquartered Ironshore said it will underwrite coverage for professional liability, general liability, product liability and employer’s liability under one policy form for engineering firms of any size domiciled outside of the U.S.
Ironshore has developed this product in response to increased demand for a comprehensive cover for challenging industries, such as oil and gas, mining, power, chemical and utilities. Policy limits are available for up to £5 million ($6 million) for professional liability and general liability/product liability and up to £10 million ($11.9 million) for employer’s liability.
Engineers typically buy stand-alone professional indemnity and general liability insurance policies from separate insurance carriers, which may lead to disputes among carriers over the proper allocation of claim indemnity payments arising under one or more policies.
“To avoid these potential conflicts and resulting gaps in coverage, Ironshore’s new combined policy brings together the expertise of professional indemnity and specialty casualty lines underwriters, based in its U.K offices in London,” the company said in a statement.
“Ironshore recognizes the overlapping complexities of specialist sector engineers forced to seek comprehensive protection from separate insurance companies,” commented Danny Clack, director, Professional Lines Division. “The combined product will serve to streamline the process and provide transparency of coverage with one carrier to assure an integrated, seamless approach to claims handling.”
Source: Ironshore International
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