Firm name on professional liability policy for architecture/engineering firms-

While it may seem like a minor issue to have the correct firm name on your policy, it may not be when it comes to claim time.  It is very important, especially if your firm uses multiple names, to have them listed on your professional liability policy.

When asked on your firm’s professional liability renewal application about a change in the firm’s name, always be sure to let your insurance company or agent know.   Even if the change happens prior to the renewal, let your agent know.

If your firm has a claim from a firm name that is not listed on the application and then the policy, there may not be coverage for that firm name.  The insurance company must know all your firm’s names if there are multiples.

Your firm may not need to know if your firm had a predecessor firm name because there may already be coverage in the policy for this.

Predecessor Firm means any design firm that, prior to the Inception Date set forth in Item 2 of the Declarations, is dissolved or inactive and is no longer rendering Professional Services, and more than 50% of such firm’s assets and liabilities have been assigned, acquired, or transferred to the Insured.

Again, it is always best to alert the insurance company of any firm name changes or additions.  This includes if your firm has added or changed a dba or simply and Inc. or LLC.

The professional liability policy, in most cases, can have an endorsement for multiple firm names and it is always best to have firm names listed in the event of a claim.

Check your firm’s policy to verify that the firm name is correct.  If your firm has any questions please call, or email, your Professional Underwriter agent for assistance.