I am required to provide an increased limit of indemnity in respect of particular project, can my policy be amended accordingly?
It is generally uneconomic to look to increase the indemnity limit for one project and therefore in most cases the indemnity limit would need to be increased under the policy as a whole. As a PI policy provides cover only during its duration (usually 12 months) you would need to leave the increased indemnity in place until you no longer have the exposure to a claim or as required under contract. In practice, once an indemnity is increased, they rarely are reduced to the original amount. There are products (the OPPI Policy being one) where the Principal would arrange excess coverage e.g., £10,000,000 in excess of £10,000,000 meaning they could recover £10,000,000 from the Architect and £10,000,000 under their own coverage. The OPPI Policy offers no cover to the Architect but allows the Principal to insure against their potential losses which might exceed the Architects level of Professional Indemnity. The OPPI Policy must be arranged by the Principal and must remain confidential to the
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