Key definitions in a professional liability policy
The whole professional liability policy is important to understand, however, there are a few key definitions that your firm should pay attention to. Your firm will want to know who…
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When is a good time to get an extended reporting period for…
The extended reporting period may also be referred to as a tail policy. The extended reporting period is an extended period of time that a claim can be reported after…
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How to Respond to Claims Questions in the RFP
One of the insurance carriers that we work with, Berkley Design Professionals has provided information on what to do when there are claims questions in an RFP.You’ve done a great…
Read MoreLimitation of Liability
Limitation of Liability A limitation of liability provision in a contract is one in which a Design Professional and client agree to limits the liability of the Design Professional. It…
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Roadway Projects and Bodily Injury Claims
In 2023, Great American’s Risk Management Newsletter Series focused on contract provisions and ways to tighten your contract language to best protect you and your firm. This year we will…
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Cyber Liability Coverage Options
Give your firm piece of mind with Cyber Liability/Network Security coverage. The options may seem overwhelming or confusing, but the policy can be tailored to your firm’s needs. Here are…
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What is an insuring agreement on architects/engineers’ insur…
An insuring agreement is a legal contract between the insurance company and the entity being insured. It is the portion of the policy that the insurance company promises to make…
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Should I switch insurance companies on our professional liab…
Should my architecture/engineering firm switch insurance companies on our professional liability renewal when we have an open claim? It is typically advised that you stay with the same insurance company…
Read MoreWhat is Business Income Insurance
Understanding the Business Income Definition Business income insurance, sometimes known as business interruption insurance, helps cover the loss of business income if you can’t operate because of a covered peril.…
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Selling My Firm – What To Do
What to do if I am selling my architecture/engineering firm or shutting it down altogether? There is a lot to consider when selling your firm or shutting it down. Insurance…
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Should my architecture/engineering firm file a claim against…
This question comes up from time to time and the answer is yes. Your firm’s policy is there to protect your firm in the event of a claim. If your…
Read MoreTips for Successful Project Management
Whether a construction project is complex or a simple installation, project management is vital. Any construction project involves multiple professionals and tradesmen. In normal situations, one specific entity will have total…
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