The Difference In Conditions Insurance Policy for Design Professionals.
>> Available only to firms with under $50M in annual revenue <<
Your client wants you to agree to defend them against third party claims that result from your firm's negligence. However, your professional liability and your general liability insurance policies do not cover this exposure.
> Exposing your firm to uninsurable defense expenses for third-party claims.
> Potential negative impacton project profit margins.
> Lost business and income by walking away from otherwise good projects because of contractual concerns.
Founders Specialty now provides an innovative solution to this challenge. The Contractual Defense Protection© Insurance Policy offered by Aspen Specialty Insurance Company addresses the exposure.
The policy works in tandem with your primary professional liability insurance policy by covering the gap created by the contractual liability exclusion, and is exclusively offered through a/e ProNet and Risk Strategies brokerage firms.
> There is no deductible under the policy.
> Costs incurred in defending a client against a third party claim covered on an 80-20 coinsurance basis.
> Aspen will be there every step of the way for advice and guidance as to the the best way to fulfill the duty to defend obligation.
HOW DOES IT WORK?
A third party has a claim against your clientthat may be related to your firm’snegligence. Your client asks your firm todefend them pursuant to the indemnificationagreement between you.
Your firm would tender such claim to yourprimary professional liability carrier. If thatcarrier rejects that claim based on thecontractual liability exclusion, or becausethe client is not an insured on yourprofessional liability policy, your firm wouldthen notify Aspen under the ContractualDefense Protection© policy.
Aspen will work with your firm to select theappropriate defense counsel for your clientper the terms of the duty to defend provisionin the indemnification agreement, which willallow your firm to focus again on providingexcellent design professional services.
This product will only be available through the insurance brokerage networks of a/e ProNet and Risk Strategies Company.
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