Can my architecture/engineering firm change Professional Liability insurance companies at renewal?

Although it isn’t typically recommended your firm can change insurance companies at renewal if you choose. There are some issues to consider if your firm does decide to make a switch.

Does the new policy provide the retroactive date that matches the current policy retroactive date? This is the biggest key factor is determining whether to change companies or not. If the new policy is not offering a similar or better retroactive date then it is not recommended to move to the new company.

Is the new policy also a claims made policy? From time to time there are some occurrence policies for Professional Liability and it is best to stick with the claims made policy. Switching to an occurrence policy may leave some gaps in coverage in the unfortunate event of a claim.

Are the policy provisions similar to what your current policy has? For example, does the policy have a hammer clause or are there exclusions that your firms current policy doesn’t have. These are the details in a policy that will make a difference when it comes to the time of a claim.

Is the new insurance company a surplus lines provider? If so, does your firm have contract limitations on the insurance companies you are to be insured with? Not all contracts will allow firms to be insured with a non-admitted insurance company (surplus lines).

There are several parts to look into if your firm is thinking about changing insurance companies. Verify that is does make sense for your firm to change companies before proceeding. If you have any questions with regards to changing insurance companies please call or email your Professional Underwriters agent for assistance.