Key Components on the Declarations Pages of a Policy

Key Components on the Declarations Pages of a Professional Liability Policy for Architects/Engineers

Even though the first few pages of the policy seem simple, they are imperative in the policy coverages.

The policy number is typically at the top of the policy. This is what your firm will reference for your policy and use for certificates of insurance and with reference for claims. Depending on the company they policy number may change from year to year.

The named insured, while may seem simple, is very important. This is your firms name on the policy and, if needed, additional past firm names on the policy. When it comes to claims, the named insured will be the firm that will be covered under the policy.

Policy period will be listed on the declarations pages. This is the time period that the policy is in force. It may be one year, two years or three years, depending on how the policy was bound.

Limits of liability are also included on the declarations pages. These are the limits that your firm bound with the insurance company. It will list a limit for each claim and also a limit for the aggregate.

The deductible will be a part of the declarations page. This will be a per claim deductible and in some cases there may also be an aggregate deductible.

The premium will be included as well. Some insurance companies, if the policy is multiple years, will include the total policy premium for the multiple years.

Probably one of the most important pieces on the declarations page is the retroactive date.   It will list either a specific date, such as 1/1/1982 or will be stated as full prior acts. Full prior acts provides coverage from the start of your firm.

Endorsements may also be listed on the declarations pages. The endorsements list may include a deductible option, other firm names listed, additional exclusions, enhancement forms and state mandated forms.

Be sure to carefully review the declarations pages of your Professional Liability policy. If there are any questions please call or email your Professional Underwriters agent for assistance.declarations page


Previous Post
Graduation Party Hosting Liability
Next Post
Understanding Your Home’s Replacement Cost