Key Points on the Architects/Engineers Professional Liability Application The Professional Liability application can be tedious at times but it is how an insurance company determines your premium on Professional Liability. So the more accurate and detailed the information provided the…
Are contracts important for architects and engineers? Many times it may seem like just because the project is small you don’t need a contract. Or my firm works for this client on a regular basis and we trust them. Or…
Business Owner Policy Coverages to be Aware Of When you receive your business owner policy it can be overwhelming to review about one hundred pages of coverage. There are a few sections in the policy to be aware of and…
Is my design firm required to get the extended reporting period or ‘tail’ for Professional Liability? It is important to understand what an extended reporting period (ERP), also called a ‘tail’ policy is. The ERP is an extended period of…
Named Insured on Policies for Architects/Engineers What is a named insured? This is an owner or entity that can make changes to the policy and is listed on the declarations page of a policy. Named insured is different from an…
Understanding the Deductible on Professional Liability for Architects/Engineers It is important to understand what a deductible is on Professional Liability. The deductible is your firm’s obligation to pay per claim in the policy year as described in your firms Professional…
Why is my design firm required to provide an application to obtain new or renewal quotes for Professional Liability? Professional Liability is a different type of policy from other policies in the marketplace and needs to be re-rated every year…
The Parts of the Business Owner Policy for Architects/Engineers There are several sections of a Business Owner policy, all of which your firm should be familiar with. Declarations pages – this is the first few pages of the policy that…
Why are some project types higher risks than others for design professionals? There are project types that are considered a better risk than other types of projects, here are some of the reasons why. Condo projects, as we know, are…
Condo Project Risks for Architects and Engineers Condos in Colorado are being built more often than in the recent years however; they are still area of high risk. Some of the laws have changed in specific cities throughout Colorado but…