Single Project Professional Indemnity

Business Insurance

Category: Professional Indemnity

Single Project Professional Indemnity (SPPI) Insurance is a tailored policy that provides professional liability coverage specifically for a single construction or engineering project. It protects project stakeholders, such as contractors, engineers, architects, and consultants, against claims arising from professional errors, omissions, or negligence during the project's lifecycle.

This policy is unique in that it focuses exclusively on a defined project, offering comprehensive and streamlined coverage for the duration of the project and beyond, often including extended reporting periods.

The information provided on this website is only general information. Please refer to the policy's full terms, conditions and exclusions for the specific details and coverage.

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Single Project Professional Indemnity is essential for:

Construction Companies

Businesses managing or executing major construction projects.

Engineering Firms

Companies responsible for the structural, mechanical, or technical design of a project.

Architectural Firms

Practices providing architectural designs and consultations for the project.

Developers

Property developers who are spearheading significant construction ventures.

Project Managers

Professionals overseeing and coordinating the project's execution.

Specialist Consultants

Surveyors, environmental consultants, and other specialists contributing expertise to the project.

Public Sector Entities

Government bodies commissioning infrastructure projects, such as roads, bridges, or public buildings.

Private Equity Investors

Financial stakeholders investing in high-value construction or infrastructure projects.

The information provided on this website is only general information. Please refer to the policy's full terms, conditions and exclusions for the specific details and coverage.

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Comprehensive Project-Specific Coverage: Unlike annual professional indemnity policies, SPPI focuses exclusively on a single project, ensuring all potential risks are accounted for.

Protection Against Claims: Covers legal liabilities arising from errors, omissions, or negligence that result in financial losses or damages.

Mitigates Financial Risks: Construction and engineering projects involve significant financial investments, and claims can result in substantial costs. SPPI provides a financial safety net.

Addresses Complex Stakeholder Dynamics: Large projects often involve multiple parties, each with varying degrees of responsibility. SPPI ensures coordinated coverage for all stakeholders.

Meets Contractual Obligations: Many construction contracts require SPPI as a prerequisite, ensuring all parties are protected.

Extended Coverage Periods: Policies typically include an extended reporting period, providing protection for claims that arise after the project's completion.

Safeguards Reputation: Resolving claims swiftly and effectively demonstrates professionalism and preserves trust among stakeholders.

Customizable Policy Terms: Coverage can be tailored to include risks such as design errors, environmental liabilities, or contractual disputes.

Supports Project Financing: Investors and lenders often require evidence of comprehensive risk management before committing funds to large projects.

Facilitates International Projects: For projects spanning multiple jurisdictions, SPPI can be adapted to address local regulatory requirements and liabilities.

Single Project Professional Indemnity Insurance is an essential risk management tool for stakeholders involved in complex construction and engineering projects. By providing focused, project-specific coverage, it ensures that all parties are protected against professional liabilities, promoting smoother project execution and financial stability. For anyone undertaking a high-value or high-stakes project, SPPI is a vital investment in mitigating risks and safeguarding success.

The information provided on this website is only general information. Please refer to the policy's full terms, conditions and exclusions for the specific details and coverage.

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"Sheila Goh, our primary contact, understands our strategy and is able to tailor insurance products that suit our needs. When an insurance claim had to be made, the process was seamless and settlement timely.