Most professional liability policies there are not a lot of changes that can be made, but here are a few to be aware of.
The declarations page includes information about your firm such as firm name and address. These are areas in the policy that can be changed if needed. If your firm’s name changes, this does need to be completed as soon as possible. If your firm has additional firm names, for example, if your firm does work in other states and that state requires your firm to have a separate entity in that state, be sure that firm name is included in your professional liability policy.
The limits of liability can be changed midterm. The insurance company will need to determine if your firm is eligible for different limits than were on the original policy and will provide a quote for the limits. The insurance company may offer a project endorsement if they are not able to increase the limits as requested. Additional information will be needed to change the limits, such as project type, billings for the project and possibly the contract.
The deductible and effective dates typically cannot be changed on the policy unless there are special circumstances that would need to be brought to the insurance company. However, it is very uncommon to change these in the policy.
There may be special endorsements the insurance company can manuscript for your firm’s policy. If you have an unusual situation that comes up and it may be possible to add to the policy. It is worth checking with the insurance company to find out if it is possible.
If your firm has any questions with regards to changes to an architects/engineers’ professional liability policy please call, or email, your Professional Underwriter agent for assistance.