The changes to your firm will also depend on the insurance policy and what will or will not need to be reported.
If your firm is being acquired or acquiring another firm, becoming a joint venture or dissolving the insurance companies will need to know this information to determine how to proceed. Specially the professional liability insurance company will need to review the agreement to determine how to move forward and if anything will change on the policy.
Address and location changes will need to be reported to the insurance companies. Additional information may be requested on the new or additional location, such as the year of the building and building construction type.
If your firm has personnel changes, this may not need to be reported to the insurance company. If it is a principal that is a licensed architect or engineer, then your firm’s professional liability insurance company will need to know about this. If it is other staff, then this will not need to be reported, unless they are a driver on a vehicle of an auto policy.
Changes to your firm’s services or project types are important to review with your insurance agent. This may not be the type of change that needs to be reported to the insurance company, however, it will depend on the projects your firm is changing to or if your services have drastically changed. This will typically only apply to your firm’s professional liability policy, however, it may need to be reviewed with your firm’s general liability insurance company.
If you have any questions about changes to your architecture/engineering firm please call, or email, your Professional Underwriter agent for assistance.