In a February 11th webinar titled, “The New Professional Liability Policy: Changes to Help You Manage Your Professional Risk,” Kevin Collins described the new version of the CNA professional liability insurance policy for design professionals. The webinar can now be downloaded from risk management website.
Two of the major enhancements to the policy mentioned by Collins are:
- the added pollution coverage, which provides significant protection for firms from project owner, third-party, and government claims of pollution on or from the site, and
- the rectification coverage for firms taking the lead on design-build projects. Rectification is a way a firm can work with the CNA claims specialist to solve a design problem that could lead to a claim following construction. The process allows the policy to pay for corrective work so that project clients do not later bring a claim for faulty design and construction against the design-build leader.
Both of these significant policy enhancements should enable firms to take a more prominent role on projects. The changes denote an unmatched innovation in coverage.
The webinar also examined progressive coverages that encourage mediation, include payments to protect firm reputations challenged by “crisis events,” and make it easier for smaller firms to protect retired practitioners and their estates through extended reporting periods.
The webinar is being followed up on March 11th with a program titled, “Tools to Help Mitigate and Reduce the Cost of Claims.” Information on signing up for the March webinar is available here.
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