Specialty insurer Mosaic Insurance has announced the launch of a professional liability insurance suite tailored to specialist engineers.
The new offering provides up to $15m in primary coverage to address unique industry risks and is designed to support a wide array of engineering disciplines across numerous sectors.
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Developed by the company’s professional liability team, this new product suite includes additional benefits such as pollution liability, public-relations expense coverage and mitigation costs.
The insurance suite is targeted at a diverse range of engineering specialists, from those in energy sectors such as oil, gas and renewables to experts in mining, nuclear, defence and environmental fields.
It is structured to serve the needs of various industry players, from large multinational corporations to individual freelancers engaged in project-based work.
The coverage’s limits will be primarily deployed in lead position, with an option for excess placements.
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By GlobalDataThe target clientele includes not only engineering and consultancy service providers but also design and build companies, project managers, and companies offering program management or logistics services.
Mosaic global head of professional liability Anna Jay said: “Specialist engineers have long been a focus for our team, so we are delighted to launch a dedicated product tailored for these professionals and the unique risks they are exposed to. The product combines key coverage with market-leading underwriting and access to our best-in-class claims-management team.”
Mosaic’s portfolio of specialty insurance lines extends beyond professional liability, encompassing transactional liability, cyber, political risk, political violence and environmental liability, catering to a broad spectrum of professional risks.
Earlier in March, Mosaic introduced arbitration award default insurance in the US market, featuring a global capacity of $65m.
This coverage protects against the non-payment risk from sovereign states in cases of investment treaty violations or unmet contractual duties.
