ProFinity unveils new faulty workmanship liability extension

By Chris Munro

March 6 - (The Insurer) - ProFinity Insurance Services has brought a new faulty workmanship liability coverage to market, with the offering targeted at artisan contractors and backed by A-rated capacity.

The new coverage extension works in tandem with ProFinity’s SME contractor-focused DEC Pro professional liability coverage.

As ProFinity explained, the faulty workmanship liability coverage protects against property damage claims that are typically excluded from standard general liability and errors and omissions policies.

Coverage under the extension also includes the use of defective materials or products.

The extension provides a sub-limit of up to $1 million within the overall policy aggregate limit, with a minimum retention of $5,000.

“This new offering addresses a crucial gap often excluded by standard general liability policies,” ProFinity said.

Target clients for the new extension include the majority of artisan trades, such as electrical contractors, drywall specialists, carpenters, and those engaged in HVAC, plumbing, audio/visual, telecommunications, non-structural steel and metal, and masonry work.

Professional liability-focused MGA ProFinity launched in 2020 offering Lloyd’s capacity-backed programs to clients operating in the design, engineering, construction and manufacturing industries.

The MGA is led by former Beazley and Vibe Syndicate underwriter Ravi Uthayashanker.