Who is Covered Under a Professional Liability Policy? Professional liability insurance helps cover you and your company if you make a mistake in your professional services. This coverage is also known as errors and omissions insurance (E&O). The insurance company will pay all…
Professional Services Defined in an Architects/Engineers Professional Liability Policy Insurance companies each have defined what ‘professional services’ are in their policies. This definition in important when your firm is defining your scope of services in a contract. It is equally…
Professional Liability Claim What do I do when I have a Professional Liability claim? Ignore it and hopefully it will go away. This is not an uncommon response to potentially bad news. It may be difficult to accept or acknowledge that…
Dispute Resolution It is inevitable that all design professionals will come across a fee dispute during their career. While using a well crafted contract such as the AIA standard form is a great way to mitigate this outcome, there will…
Declarations Pages – What Are They? What are declarations pages on a policy for my architecture/engineering firm? These are the first few pages of a policy that state the named insured, address, policy period, location address, mailing address, policy limits…
Directors & Officers (D&O) Liability Insurance The financial assets of your clients’ organizations and the personal assets of the directors & officers can be at risk with every decision they make. Directors & Officers (D&O) Liability insurance is designed to…
Report a claim or not? The first question your firm should ask, is this a claim based on the definition of claims in your firms professional liability policy. Here is an example from a policy for the definition of a…
Pre-claim assistance is included in most commercially available Professional Liability insurance policies. If you believe your firm needs claim prevention assistance, you should: Contact your broker as soon possible to discuss your concerns. Expect a call from one of our…
Reporting Claims – Architects/Engineers Professional Liability Policy Your firm is responsible for reporting a claim or circumstance to the insurance company as soon as your firm is aware of the situation. This enables the insurance company to provide defense, if…
Scope of Services In the design professionals industry, a scope of services sets out precisely what services a design professional will be performing on a particular project. A scope of services may be a particular document, drafted for a particular project, or may be prepared…