Firm Name Changes for My Architecture/Engineering Firm

Firm Name Changes for My Architecture/Engineering Firm

It is important to change your firm’s name on your firms’ policies.  Even if your firm is changing from an LLC to Inc, notify your insurance agent or the insurance company.

For all policies “Named Entity” means the entity or individual named in the Declarations.  This will be the entity or individual that can make changes to the policy and receive notifications on policies.

Professional liability policies will cover the past firm names.   The past firm name will not be listed but the following may be included in your firm’s professional liability policy based on the definition:

“Predecessor Firm” means any design firm (partnership, professional association, limited liability partnership, sole proprietorship, limited liability corporation or corporation) as of the policy period inception date in the Declarations, which has undergone dissolution or is inactive and no longer providing Professional Services, and at least 51% of such firm assets and liabilities have been assigned, acquired or transferred to an Insured Entity.

Your firm’s business owner policy may include wording such as the following:

If you (or any predecessor in interest) sustained loss or damage during the policy period of any prior insurance that you could have recovered under that insurance except that the time within which to discover loss or damage had expired, we will pay for it under this Optional Coverage.

It is always good practice to let your insurance agent, or the insurance company know of any changes to your firm.  Name change is one of those changes that is important for your firms’ policies.  This is different from mergers and acquisitions; those are handled in a different manner under these policies.

If your firm has questions about firm name changes on insurance policies please call, or email, your Professional Underwriter agent for assistance.firm name changes

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