Reviewing professional liability quotes for architects/engineers- There are several items to be aware of when reviewing renewal quotes for professional liability. The first consideration is the retroactive date on the policy. This is the date the insurance company will define…
Definition of a claim in a professional liability policy for architects/engineers- It is important to understand how a claim is defined as in a professional liability policy to know when to report the claim. Here are few examples of claims…
Waiver of subrogation within insurance policies for architects/engineers- First, it is important to understand the waiver of subrogation definition. Waiver of subrogation is a legal endorsement that prevents an insurer from recovering money they have paid out on a claim…
Common exclusions in a professional liability policy for architects/engineers- The professional liability policy covers errors and omissions for your design professional firm. However, as with any insurance policy, there are some exclusions. Contractual liability is excluded from a professional liability…
Extended Reporting Period Options for Architects/Engineers on Professional Liability Each insurance company has different options for extended reporting periods. Here are some examples of those options. Example one: (a) one hundred percent (100%) of the annual premium for a one…
Common workers compensation policy exclusions for architects/engineers- These are some of the more common exclusions on workers compensation policies, be sure to read your firms policy as it may vary from these exclusions. Punitive or exemplary damages because of bodily…
Contract issues to be aware of as an architecture/engineering firm- There are many nuances when it comes to contracts for architects/engineers. Be sure to have your insurance company and your firm’s legal counsel review contracts that seem out of the…
Exhaustion of limits of liability on an architects/engineers professional liability policy- Once the limits of liability, including the aggregate limit of liability, have been exhausted your firm is responsible for the balance of the claim. Understanding the exhaustion of limits…
Hammer clause in a professional liability policies for architects/engineers – First, it is important to understand the definition of a hammer clause. The hammer clause is the insurance companies right to settle a claim without your firms consent. Most of…
Claims expenses on professional liability policies for architects/engineers- The claims expenses will vary with each insurance company, here are a few examples of policy language that defines what is and not covered under a professional liability policy. Example one “Claim…