Addressing the disconnect between the no-fault environment of integrated project delivery and the pro-fault environment of professional liability insurance, at least two insurers are getting ready to offer project-specific policies for buildings. The policies, which generally insure all design professionals who perform professional services on a particular project, can be expensive because they are highly customized, say insurers. But the concept behind them is a recognition of IPD’s shared responsibility between the designer and the contractor. Related Links: Integrated-Project-Delivery Boosters Ignore Many Flashing Red Lights Schinnerer & Co., Chevy Chase, Md., an underwriter for CNA, Chicago, spent 20 months crafting
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.