Why should I buy professional liability insurance?

• To protect your firm and employees from serious financial disruption
• To provide your clients with financial security for your design and consulting services
• To access projects and clients you may otherwise miss
• To receive loss prevention information and consultation
• To have a 'damage control' team available should problems arise
• Because your client requires it
• For your peace of mind

What does it cover?

The policy pays other parties for damages which you are legally liable to pay as a result of negligent acts, errors or omissions in the performance of your professional services. Damages can include property damage, bodily injury, economic loss and legal expenses. The insurance company has an obligation to defen you against such claims, even if the allegations ultimately are determined to be false or groundless.

As the exclusive broker for XLDP (formerly DPIC), Holmes Murphy provides our design professionals access to the leader in the industry. XLDP’s program is built on the experience and data gained from DPIC’s more than 30 years of serving the design community. They are the exclusive carrier offering premium credits for participation in Education and Risk Allocation.

As a full service broker, Holmes Murphy has access to a number of Professional Liability carriers including, but not limited to: St. Paul Travelers , RAMCO , Zurich North America , and many others. These partnerships allow us to provide you with the best possible program, relationship, and pricing.

Contractor's Professional Liability

Turnkey building projects are becoming increasingly popular with owners because they provide a single source of control and responsibility while at the same time providing a more economical and efficient result. Not all contractors who pursue turnkey design/build projects have in-house capability to design what they construct. Those who do, have access to traditional design/build professional liability markets. Those who do not must bear the liability that accrues to them, either contractually or vicariously (their contingent liability), as an uninsured business risk.

Contractors Professional Liability provides security of:

Protection for the Prime Contractor’s exposure arising from allegations and claims of design error against the design team hired by the Contractor. Contractors Professional Liability provides the Named Insured Contractor under the policy both a defense against such allegations as well as the payment of damages for which the contractor becomes legally obligated.

Professional Liability coverage applying in the event the Contractor’s sub-consultants professional liability fails to provide sufficient limits of liability to cover a loss, or in the absence of such coverage by reason of exhaustion of limits, non-renewal by the carrier or a lapse of coverage protecting the sub-consultant due to retirement, financial incapacity or other reasons.

Professional Liability coverage for design, design/build and construction management can be combined on the same policy.

Traditional General Liability policies exclude professional services & are only triggered in the event of a Bodily Injury or Property Damage occurrence. Professional Liability provides contractor’s coverage for any claims (subject to exclusions) arising from their professional services. Examples of risk include cost overruns and schedule delays.

Underwriting Profile of each Market Represented
• Worldwide Coverage
• Annual Policy Term
• Claims made and reported form/expense included within Limit of Liability
• A- AM Best Rating or Better
• Includes Mediation Credit
• No Exclusion for Pollution (mold my be an endorsed exclusion)
• Blanket Contractual Liability Coverage

Property and Casualty

Holmes Murphy is able to find alternative options for you and use our buying power to serve as your advocate in securing the highest quality/lowest cost business insurance coverage. We work on your behalf to seek options that would provide you the best coverage, affordable pricing and personal service.

Our office specializes in providing Property, General Liability, Worker's Compensation, Commercial Auto and Health Benefits. Our agency has programs with A-rated insurance companies offering specialized insurance packages for business owners. We also counsel in loss prevention and risk management services to professionals. Some of the benefits we provide our clients are:

• Coverage and service comparisons between carriers
• In-house seminars on risk management and claim prevention
• Risk analysis and guidance
• Real-time quotes in 24 hours or less (small business)

Our carrier relationships allow us to negotiate the coverage that fits your needs. With the current insurance market being so volatile, it’s never too early to start.