Making changes to your design firms policies?
While policy changes may seem like a simple task, it is important to get changes requested as soon as possible and accurately; it can make a difference down the line. Here are a few examples of some of those changes:
Named insured – The first named insured on the policy is the entity or person that can make the changes to the policy, make sure this is accurate on your policy. Also, if your entity name changes, even if it was ABC Architects, LLC to ABC Architects, Inc. be sure to let the insurance company know. The policy will list past entities and current entity names so if you did have a claim from either entity name it would be covered. This change pertains to all types of policies, including Professional Liability and Business Owner Policies.
Address – It is important that the insurance company can send mail to your current address. Insurance companies send policies, notices and claims information and it is vital that they have the correct address. Additionally, if your firms mailing address is different from your location address the insurance companies need to know this information as well.
Effective date – The effective date is important so that your firm doesn’t have a lapse in coverage. If you were to switch insurance companies be sure that the effective date is the same as the expiring policy so, again, there is not a lapse in coverage.
Retroactive date – The retroactive date pertains to the Professional Liability. This is extremely important especially if you change insurance companies. Make sure the new policy that you are getting has the same retroactive date as the policy you are moving from.
Limits of liability – Make sure you have the limit of liability requested. This is good to review at the time of your renewal or if you make a change to the policy. Review all documents received so that you know that the limits you requested are the limits in place.
When your firm is making changes to your policy be sure to report them as soon as you know and correctly as well. Also review documents when you do make those change to make sure they are right. Please be sure to contact your Professional Underwriter agent with questions.