Project principals are vulnerable to a range of potential risks – cost blowouts, missed deadlines, lost revenue, negative press, among others – that may result from a mistake by a contractor or consultant in the performance of their professional services. Relying on contractors’ professional indemnity (PI) cover may not be protection enough if: their cover includes loss mitigation or cross liability; they breach their policy conditions or fail to meet their duty of disclosure; and if the limit is eroded or exhausted by other third party claims and legal defence costs.
LIU’s Principal-controlled PI product hands control back to the principal.
At a glance:
- Innovative alternative to traditional contractor/consultant arranged PI cover
- Insures the principal, giving them control over their cover.