This is the major advantage of the policy that combines and unites two insurance types: Professional liability insurance and product liability insurance - significant savings in insurance costs compared to purchasing these two policies separately. And there are more advantages. When both coverages are in one combined policy, insurance management is easier: there's a single premium payment, one insurance period, and ease of operation in renewal and control.
There is also a disadvantage - one combined liability limit for both coverages, however, from an overall cost-benefit perspective: this is an attractive and worthwhile policy.
Added to this are the exclusive advantages we bring when handling each contractors insurance case for all of our many clients.
A policy that combines professional liability insurance and product liability insurance at a reduced cost.
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Our professionalism saves you a lot of money
✔ Perfectly tailored policy – As with all types of contractors insurance, developers insurance, or construction works insurance - no project is similar to another, and therefore, no policy is similar to another. Even when dealing with a policy that combines professional liability insurance and product liability insurance in one policy, we still have the freedom to adapt it to the uniqueness of the developer or contractor, to the type of projects they execute, and to provide the broadest insurance coverage, as mentioned, at a significantly reduced cost.
✔ Broad insurance coverage – 25 years of cumulative experience have taught us to do comprehensive preparation work to study the field, work processes, anticipated risks, required protection measures, and a variety of other preparatory activities. This range of preliminary stages allows us both to build the broadest required insurance coverage and to develop creative and fair solutions acceptable to the insurance company. All this to provide you with the required insurance coverage in a professional policy - signed and approved.
✔ Close accompaniment – In the event of an incident requiring policy activation, a team of experts works alongside us: specialized insurance assessors, surveyors, and engineers, and sometimes, if necessary, also experienced accident investigators who will help you cope optimally to fully realize your rights as stated in the insurance policy.
Combined policy for professional liability and product liability insurance - for the entrepreneur
Beyond its great advantage – the significant financial savings in insurance costs – this policy provides an excellent solution for the entrepreneur, both alongside the insurance of the contractor's work and as part of the income-producing real estate and holdings insurance system, as well as TAMA 38 insurance of its types. Contrary to the prevailing opinion among many entrepreneurs who believe that the contractor is the one responsible – in fact, the entrepreneur is legally at the forefront and is the main address for the claim of the purchaser or user of the product. In each of these cases and in general, the combined policy includes both coverage for financial damages according to the terms of professional liability insurance and coverage for damages resulting from a defect or defect in the product according to the terms of product liability insurance. And of course...
Combined policy for professional liability and product liability insurance - for a contractor
Presenting proof of insurance is a condition for signing the contract and receiving a work order after winning a public tender. The problem is that usually the examination of the obligations and insurance documents, and sometimes also the purchase of insurance, are done after winning the tender. Then adapting the insurance wording to the requirements, which is done retrospectively, creates a difficulty when the insurance company often refuses to approve a wording, type of insurance, or insurance amount, and what's more - in sections where it sees a high insurance risk - it sometimes even demands high rates.
Therefore, when it comes to professional liability insurance and product liability insurance, the combined policy also allows you to overcome the insurance approval hurdle on the way to signing the contract - more easily. And it also saves you a lot of money.
A combined policy for professional liability and product liability insurance alongside contractor work insurance
A contractor's insurance policy is the basic policy required for any type of contractor work. Despite the common name for this policy: Contractors All Risks Policy , like any contractual agreement, it also has terms and definitions for the nature and scope of insurance coverage, limitations to insurance coverage, obstacles and shortcomings that must be addressed - and so on.
And for our purposes: In its definition of the insured event, the contractor's policy does not include coverage for certain insurance events for which coverage is provided only within the framework of professional liability insurance or product liability insurance, as the case may be.
This is where the great advantage of the policy that combines professional liability insurance and product liability insurance comes in: it allows you to be protected and insured and expand your insurance coverage umbrella while saving significant money...
