Contractors Protective Professional Indemnity (CPPI) Placement

New Day partnered with the retail broker and the insured to enhance an existing Contractor’s Protective Professional Indemnity (CPPI) policy. This teamed approach involved New Day and our broker partner meeting and working with the Insured on several contracting and coverage issues. New Day’s efforts included the following:

  • Assessing the previous coverage
  • Making recommendations on improving the insured’s contracting procedures
  • Collaborating on one of the more advanced CPPI programs, which included protective coverage for the insured’s equity interest in the projects

New Day’s hands-on approach resulted in the following:

  • Lower rate compared with the rate on the Insured’s existing CPPI policy
  • Coverage enhancements including:

–  Expanded definition of Professional Services including property management and real estate development

–  Claims/incident reporting provisions would ensure that notification be made to directors/officers and risk management personnel only.

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