Cost & Financial
From Construction Cost Estimators and Quantity Surveyors to Capital Planning Consultants and Construction Auditors, these experts manage the fiscal integrity of the build. Their insurance is built to protect against the high cost of "financial negligence," subject to specific terms and exclusions.
1. Professional Liability (Errors & Omissions)
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This is the paramount coverage for cost professionals, focusing on the accuracy of project "look-ahead" reports and cost-to-complete estimates.
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It protects against claims of professional negligence if a consultant underestimates construction costs, causing an owner to set insufficient reserves or secure inadequate financing.
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If a Quantity Surveyor or Cost Estimator provides a flawed budget that leads to a project being abandoned due to lack of funds, this coverage addresses the resulting legal and financial claims.
2. Fiduciary & Funds Control Liability
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Many cost consultants manage project bank accounts to ensure payments are only distributed for verified labor and materials.
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This protects the firm if they are accused of mismanaging project funds or failing to verify "lien waivers" before releasing payments to contractors.
3. General Liability
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Even financial consultants must conduct "Job Site Visits" to verify that physical progress matches the contractor’s billing.
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General Liability protects the firm if a consultant causes property damage or a third-party injury while inspecting a hazardous or active construction site.
4. Cyber & Financial Data Liability
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Cost and financial firms possess the "financial DNA" of a project, including bank statements, tax returns, and work-in-progress (WIP) schedules.
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This coverage handles the costs associated with a data breach, including legal defense and notification requirements if sensitive project financial data is exposed.
Cost & Financial
Hardcover Insurance provides specialized support to ensure your financial advice remains protected:
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Audit Defense Support: Resources to help Construction Auditors manage risks associated with identifying "hidden" liabilities or contractor overbilling.
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Capital Planning Integrity: Assistance in navigating the unique liabilities of long-term capital forecasting and investment advisory.
"You manage the numbers; we protect the firm that ensures the project adds up." — The Hardcover Promise
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