Architects/engineers professional liability renewal quotes-

At the end of the policy term your professional liability policy will need to be renewed.  The policy term may be one, two or a three-year term, read your policy carefully to know your firm’s policy term.  Prior to renewal time your firm will receive a renewal application.  Complete the application to obtain a renewal quote for your professional liability renewal.  Here are a few things to keep in mind at the renewal time.

Your firm’s renewal premium is based on the whole application completed, not just one area.  Meaning, it won’t be just billings that are determining the premium, it is all the factors in the application.

Your firm may see an increase in premiums if you have an open claim or a claim that is closed with an indemnity paid.  The premium is determined off of a loss ratio determined by the insurance company.  The loss ratio typically has a five year lookback period and is based on the premium paid in in that time period and the total amount of the claim.

Quotes may be obtained, by your agent, from several different carriers.  Be sure to understand the details of each policy, such as the retroactive date, prior to deciding about your firms’ renewal.

Another area to consider is the deductible.  Has the deductible amount and type (straight or first dollar) remained the same and if not how come?

If your firm is considering a change in the limits of liability be aware of contract requirements your firm may have for a specific limit amount.  You do not want to be in breach of contract due to a limit of liability change in your policy.

If your firm has questions on professional liability renewal quotes, please call or email your Professional Underwriters agent for assistance.