What information is needed to quote?

retain documentsWhat information is needed to quote Architects and Engineers Professional Liability?

Whether you are getting a renewal quote or a quote for your new firm the Professional Liability insurance companies will require an application.  There may be some additional items needed depending on the complexity of your application and firm.  Here is a list of some of those items that may be required.

Billings (accounting year data) – The question is often asked, does the insurance company want fiscal year or from renewal date to renewal date billings data?  It depends on how you have previously completed the application if last year it was from 8/2015-8/2016 then this year it will be completed for 8/2016-8/2017.  If your firm is on a calendar year then that is how you will complete the billings section.  Additionally, insurance companies are also asking for projected billings, be sure you include those on the application.

Discipline – What type of services does your firm provide based on the billings provided?  Your firm may be 50% electrical engineering and 50% mechanical engineering.  Do not include your sub consultants in this category; this is for your firm only.

Project types – What were the project types your firm worked on based on the billings provided, residential, schools and shopping centers?  Be sure the answer to this question equals 100%.

Client types – Who were your clients based on the billings provided on the application?  Were they other design professionals, developers or the owners?

Contracts – What types of contracts is your firm using?  Again, this section should equal 100% based on the billings provided.  The contract types are association contract, your firm’s contract, client’s contract or letter agreement.

Additional information that may be requested are loss runs (claims history report), condo questionnaire (if your firm worked on condos), largest current projects list, brochures, website, claims details, lessons learned from past claims, project delivery method and resumes of key personnel.  This list doesn’t mean that all insurance companies will require these documents; it is just a possibility of what they may need.

As always your PUI Agent is here to help you with the Professional Liability application process.  Please call or email with any questions you may have.

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