What’s Covered By Engineering EO Insurance?
Professional liability insurance has become vital in more and more professions, but for engineers it has been a necessity for a long time. Like construction firms and boat builders, architects and engineers work on projects that expose them to third party and public liability in the event of a defect in their workmanship, sometimes for decades after the fact. Engineering E&O insurance is a variant on professional liability coverage written to the specific needs and roles of engineers, architects, and other professionals overseeing similar projects.
Funds for Settlement, Litigation & More
Professional liability insurance offers financial support when there are damages to cover, up to the policy maximum. That includes settlement payouts to third parties with claims stemming from that liability, but it can include more than that. A well-written E&O policy also frequently includes financial support for litigation in the event of a claim without merit. That means you don’t have to commit your company’s reserves to a lengthy legal battle. Policy limits still apply, so that makes choosing the right policy absolutely essential for any engineering firm or practicing solo architect. While there are one size fits all professional liability policies out there, they have to be a little vague in their definitions. By contrast, a tailored policy is specific, so you can put your money into just the coverage you need with no gaps or over-insurance.