What does a ‘hammer clause’ mean?
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…
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THE IMPORTANCE OF CONTRACTUAL TERMINATION PROVISIONS
THE IMPORTANCE OF CONTRACTUAL TERMINATION PROVISIONS The primary purpose of a contract is to expressly detail the rights and obligations of the parties. As such, a well-crafted contract will provide…
Read MoreWhat is an insuring agreement?
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…
Read MoreThe Basics of Workers’ Compensation Insurance
Workers’ compensation insurance gives employees medical, wage and other financial benefits if they are injured or become ill during the course of their work/job. This coverage is required in most…
Read MoreClaims Made Policy
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…
Read MoreCommon exclusions in a professional liability policy
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,…
Read MoreCommunication for Design Professionals
Communication for Design Professionals SEALED AND DELIVERED A RISK MANAGEMENT PUBLICATION FOR DESIGN PROFESSIONALS Communication is how information is exchanged. It occurs in various forms–face to…
Read MoreWaiver of subrogation in policies for architects/engineers
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…
Read MoreUtilizing Tax Credits
Utilizing Tax Credits Per Stacy deru and Steve Adams at Engineered Tax Services: Most businesses hire a CPA to compile and file their tax returns based on quarterly and yearly…
Read MoreUnderstanding deductibles on an architects/engineers profess…
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…
Read MoreWhat is the Professional Standard of Care: Ordinary Care, Do…
The Standard of Care is the legal yardstick by which our legal system measures the conduct of licensed professionals. If you are careful in rendering your professional services, you are…
Read MoreIs contractual liability covered under my architecture/engin…
Is contractual liability covered under my architecture/engineering firms’ policies? First, what is contractual liability? It involves the financial consequence emanating from liability, not the assumption of the indemnitee’s liability itself. …
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