Last edited 27 Sep 2019

Single project professional indemnity insurance

Single project professional indemnity insurance (SPPI) is becoming an increasingly popular technique for risk management and is used by owners, developers and contractors.

Aimed primarily at large construction projects, SPPI can control the scope of insurable risks and so reduce costs. One of its main benefits is that it gives the project owner/employer/developer full control over the insurance for a project and guarantees that all the diverse interests, liabilities and risks of those involved in the venture are covered. For main contractors and subcontractors working on a specific project, SPPI can consolidate insurance cover into one policy negotiated, purchased and managed by a single sponsor.

Unlike conventional annually-renewable policies, SPPI offers advantages for project owners and joint-venture operators. Benefits of SPPI include:

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