Project specific insurance policies
Produced in partnership with Fladgate
Practice notesProject specific insurance policies
Produced in partnership with Fladgate
Practice notes
What is a project policy?
'Project policy' generally means a policy the employer takes out to cover Contractors All Risks and public liability. The cover is on behalf of the employer, contractors, sub-contractors and suppliers. It will relate to one specific project only.
Project policies are composite policies. There are no rights of subrogation, or any rights of subrogation are waived, against other insured parties.
What and who is covered/not covered?
What is covered?
A project policy generally covers Contractors All Risks and public liability.
What is not covered?
It will usually not cover risks normally covered by a Professional indemnity policy as:
- •
PI tends to be a different insurance market, and
- •
a project policy answers an event which occurs during the course of the policy. It therefore only needs to be in force during the period of the project. By contrast, a professional indemnity policy answers a claim made during the period of the policy. Given that professional liability is potentially for 6 or 12 years, a professional indemnity policy needs to be in place for all of
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Jurisdiction(s):
United Kingdom
Key definition:
Professional indemnity definition
What does Professional indemnity mean?
All regulated entities must have compulsory professional indemnity insurance.
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