What is Crisis Management coverage? You may see Crisis Management coverage in your professional liability policy. You may wonder what is and what does it cover? If there’s a crisis at your business or operation that may result in liability…
Business Owners policy premium increasing? In the last few years the premiums have increased on commercial package policies and business owners policies. These are the policies that provide coverage for you property and provide general liability coverage for your…
Considerations When Being Retained to Replace a Design Firm Sometimes economic conditions cause an increase in the frequency of design firms being hired to replace other design firms involved in a project. The original design firm might have been unable to…
Videoconferencing Can Raise Professional Liability Exposures Design firms have changed their practice management procedures because of pandemic-related restrictions placed on office settings, travel, and in-person meetings with clients, government offices, contractors, and others involved in putting a capital asset in…
How to Respond to Claims Questions in the RFP You’ve done a great job marketing and pre-selling the client for that really exciting project, and the RFP has finally come in! Then you get to the last question: “Describe…
Reporting a Claim or Circumstance Checklist To maintain coverage for claims, they must be reported within the timeframe specified in your insurance policy. 1. Report a claim or circumstance by providing written notice via email to the email in your…
Professional Liability Claim Resolving the Dispute Most disputes involving professional service firms are resolved through negotiated settlement or mediation. At times, usually because of contractual obligations, mandatory and binding arbitration between a client and professional is used. Each dispute resolution process has characteristics that…
What Happens After You Report a Professional Liability Claim? Reserving Procedures By law, once a claim is reported, an insurer must segregate or reserve funds anticipated to be required to resolve the claim. This requirement is…
Defending Professional Liability Claims Your professional liability insurance policy is a contract that covers you for wrongful acts in the performance of your professional services. Your carrier has two separate obligations to your firm: 1) to defend you; and 2) to pay any judgment for…
Professional Liability Pre-Claim Assistance Using the Pre-Claim Assistance Process Disputes happen. Dissatisfied clients, construction firms with cost recovery programs, injured third parties, and other claimants often try to tap into the insurance and financial assets of firms to solve real or…