I am just starting to look into the subject myself. I have done a few, smaller jobs with no contract or insurance so I am looking for project specific insurance - especially some larger projects I proposed for.
I have a client I am helping through rezoning and if successful, I will do some structural, mechanical, electrical, and plumbing. Small project - hair salon in first floor of a duplex residential.
What scares me is the client. In checking him out, I found his current property was lost in a sherrif's sale but he somehow got it back through his sister - a co-owner. He owns several other similar properties - probably rentals, and he has had many civil cases - mostly evictions it seems, that he initiated.
I am thinking I need protection to ensure I get paid, filled out the EJCDC contract for the project and will spring it on my client once the property is rezoned, if it gets rezoned. The language in the contract limits my liability to the fee or $50,000 - whichever is greater. This got me thinking I need coverage for that $50,000 since my fee will be about $3000.
I am sure about project insurance but I think you can buy smaller policies like my need of $50,000. I should be hearing from some companies in the next couple of weeks and I will post what I learned.
Sorry to sort of ramble. Just throwing out some other options that may better serve your needs - depending on your circumstances.
Don Phillips