How to Complete the Architects and Engineers Professional Liability Renewal Application
The renewal application is an important piece of information for the insurance companies to determine your renewal premium. It is important to complete the application accurately and completely.
The name of your firm and contact information is the first piece of information that the insurance company will need. This is so that they can get in contact with you, if needed, at the time of a claim or to provide risk management information. Also, if your firm has a website please provide that information, this provides the insurance company a good picture of what your firm has done and what your firm is currently working on.
Accounting year data is probably one of the most important pieces of information that your firm will provide. This gives the insurance company an overall picture of the amount of work your firm has completed over the past year. You will also need to include sub consultants, if any, in this section.
Disciplines of your firm or what types of services is your firm providing. Your sub consultants are not included in this section; this is just the services your firm is providing. Are you an architect or civil engineer, etc?
Project types for the past year. What types of projects has your firm worked on? If it is a condo project the insurance company may need additional information about the condo project. If it is a project that is not in the list provided by the insurance company then provide details in the ‘other’ section. The insurance company may also ask for a list of your top 5 to 10 largest projects in the past year.
Who are your clients? The insurance company will need to know who your firm is working with. Other contractors, owners, other design professionals or developers. Again this gives the insurance company an overall picture of your firm.
What types of contracts is your firm using and percentages of each of those contract types. The reason they ask this question is because they would like to see your firm using some sort of contract on every project. It is easier to defend a claim if the agreement is in writing rather than verbal.
Provide detailed claim information. While your firm can’t always prevent claims from happening it is important to share as much information about the claim as possible. Any details you can provide, such as lessons learned from the claim, expenses and indemnity paid out and any additional details are helpful for insurance companies.
Your firm can always discuss the renewal application with your insurance agent. Please call or email Professional Underwriters with your questions.