Completing professional liability applications for architects and engineers-

When your firm completes the professional liability renewal application each year many items will carry over from the last application completed.  But there are a few areas that are key to complete.

The annual billings section is one of the more important areas in the application to complete.   When completing this section be sure to include the years for the billing period you are reflecting.  Some applications will also ask for the projected year, complete this column because some carriers will take the projections into consideration.   Also, if you have direct reimbursables, such as paper, travel, etc. always include those numbers.   Subconsultants is another section to complete, if your firm pays out to subs, include those billings in this section.

The services section is also important on the application.  Please note for this section you will not include the services of your subs on most applications.  This will only be the services your firm provides, such as 100% architecture.

There will also be a section of the application that asked for either a dollar amount or percentages for the feasibility studies, reports and opinions.   Always report these amounts because most carriers will rate these as lower risk services.

Project types is another really important area of the application and this will likely change from year to year.  If there is a project you are not sure how to categorize, include this in the ‘other’ category and provide further details.

The contracts question is another area that the insurance companies will ask about.   Please be sure this section equals 100% of the breakdown of the types of contracts your firm is using.

The whole application is important to complete with accuracy for your professional liability policy. If your firm has questions on the application, please call or email your Professional Underwriters agent for assistance.