Review of insurance policies for architects/engineers. The last quarter of 2023 is approaching, and it is always good to have a review of your firm’s insurance policies. There are a few things to consider when reviewing your firms’ policies. Professional…
What is surplus lines insurance on professional liability policy for an architect/engineer? Surplus lines insurance companies will insure a firm that is considered higher risk and a policy that admitted carriers (i.e. Travelers or Hartford) won’t take on. Surplus lines…
What is included in a business owner policy for architects/engineer firm? The business owner policy has a few major sections of the policy to be aware of. General liability is one of the areas in the business owner policy. General…
Ways to improve my architecture/engineering firm’s professional liability renewal premium- The renewal premium is based on the fully completed professional liability renewal application, but there are some ways to help to get a lower insurance premium. One of those ways…
What does a ‘hammer clause’ mean for an architect/engineer in a professional liability policy? A hammer clause is a clause that allows an insurer to settle a claim without the insured’s consent. Most insurance companies we work with do not…
What is an insuring agreement in an architects/engineers professional liability policy? An insuring agreement is a legal contract between an insurance company and your architecture/engineering firm. It is the insurance companies promise to make payment on behalf of your firm…
Claims Made Policy How does claims made work on a professional liability policy for architects/engineers? Claims made is the most common type of policy for professional liability. Claims made means that the policy that is in place at the time…
Common exclusions in a professional liability policy for architects/engineers- Here are some of the more common exclusions amongst different insurance companies regarding a professional liability policy. Insured vs insured. Basically, what this is saying is you cannot sue yourself. As…
Waiver of subrogation in policies for architects/engineers- Your firm may see a clause in your contracts for waiver of subrogation. It may even be in the insurance requirements section of the contract. The question to ask is, does your firms…
Understanding deductibles on an architects/engineers professional liability policy- There are many deductibles options when looking at a professional liability policy. The deductible is the amount of money your firm will be required to pay before the insurance company will pay…