Can my firm make changes to the architects/engineers Professional Liability policy?

There are portions of the policy that cannot be changed such as the mandated state portions and the sections of the policy that must be filed by each insurance company with each state.  However, there are a few items that you will be able to make changes to.

Limits of Liability – The limits of liability can be changed during the policy period.  Typically firms will increase the limits of liability rather than decrease the limits.  Keep in mind that the limits of liability that were in place at the time of the project are the limits that will be provided at the time of the claim.

Deductible – The deductible can be changed during the policy period, although this isn’t a common occurrence.  Typically when a deductible change is requested it is for a specific contract requirement.  The deductible type is not a common request but certainly can be discussed with the insurance company to find out if a change is possible.

Project endorsement – The request for project endorsements are quite common.  A project endorsement is if your firm has been requested to increased limits of liability, over and above your current limits, for a specific project.  For example, your firm’s current limits are $1,000,000 per claim/$1,000,000 aggregate and the project has requested limits of $2,000,000 per claim/$2,000,000 aggregate.  The insurance company may be able to offer the additional limit amount as a project endorsement.

Other changes your firm will be able to make are address changes and firm name changes.  The firm name change is important to keep updated on the policy so that all contracts that show the new firm name are covered under the policy.

Please be sure you discuss the changes and potential premium with your insurance agent.  If you have any questions call or email your Professional Underwriter agent.