’Our professional indemnity strategy focus is growth through a balanced mix of existing and new professions,’ says UK head of PI
RSA Insurance has expanded its professional indemnity and financial lines (Profin) offering with a new design and construction product.
A statement released today (31 October 2023) said the cover is designed to protect contractors who can be held liable for failing to deliver on their agreed professional activities and duties.
This includes protection against damages, claimant costs, the cost of replacing or restoring documents and other expenses or defence costs.
It also offers cover for breach of confidentiality, infringement of IP rights, negligence, libel and slander.
The product is now available to brokers and their clients through RSA’s mid-market business.
Edward Ambrose, UK head of professional indemnity (PI) at RSA, said there were multiple factors that led to demand for the product, such as the Future Homes Standard and government regulations.
“Issues such as the Future Homes Standard requiring all new homes to produce 75-80% less carbon emissions than homes built under the current building regulations, growing requirements to use green sustainable products in construction and an increase in government legislation and regulations are just some of the factors that are pushing demand for high-quality design and construct PI cover,” he added.
The product is the third RSA has launched in 2023 – earlier in the year, it launched a pension trustee liability (PTL) and excess of loss (XOL) product.
The PTL, which was released on 27 September 2023, has been designed to protect the liabilities of pension trustees, sponsoring employers and the fund or scheme itself against defence costs.
Meanwhile, the XOL, which came out on 17 July 2023, is aimed at a range of businesses with annual professional fees of £1.5m and above.
Ambrose said RSA’s PI strategy focused on growth through a balanced mix of existing and new professions, facilitating a “sustainable underwriting approach for our customers across economic cycles”.
”The launch of our design and construction product, in addition to our XOL and PTL launches earlier this year, continues to build out our truly comprehensive, market-leading Profin offering,” Ambrose added.
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