Niche Stories

What’s In Your Head: How much liability coverage is enough?

March 16, 2014
Niche Stories | 2 minute read

What do you spend your day achieving as a Construction Manager (CM)? Communication, safety, problem-solving, quality assurance and budgeting are a few of the tangible things, but there are also those areas of your job that, when you think about them, should give you peace of mind so you can concentrate on everything else. One of these areas is the amount of liability coverage you need. How much is the right amount?

The first thing to consider is if your current policy covers the typical types of projects that you usually manage? Go and check your policy and think about it. You should also consider where you are in your career. Your current limits might provide plenty of protection for now, but what if your company is awarded a massive contract six months from now, with tower cranes, the works? Let’s say you need a $10-million limit. What if your insurance carrier doesn’t offer any higher coverage amount than you already have? No one wants to have to turn down a job because of insufficient coverage.

This is where ProSight Specialty Insurance (ProSight) can help you gain some peace of mind. When ProSight partnered with Construction Management Association of America (CMAA) to offer specialized CM policies, ProSight took a deep look at what makes a CM job unique. CMs are in charge of projects that are so fundamental that many people get nervous just thinking about that responsibility. Millions of dollars in liability coverage may seem “big enough,” but sometimes construction projects are even bigger. That’s why we decided it was critical to be able to offer Excess Liability limits as high as $10 million.

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