Reporting a Claim or Circumstance Checklist To maintain coverage for claims, they must be reported within the timeframe specified in your insurance policy. 1. Report a claim or circumstance by providing written notice via email to the email in your…
ae ProNet SCHOLARSHIP WINNER’S WORK ON BELLEVOIR ORMSBY ESTATE IN LOUISVILLE Jennifer Stieben is a recipient of the 2022-2023 David. W. Lakamp Scholarship given to promising Design Professionals courtesy of ae ProNet. She worked this past summer on an…
Reviewing professional liability quotes for architects/engineers- There are several items to be aware of when reviewing renewal quotes for professional liability. The first consideration is the retroactive date on the policy. This is the date the insurance company will define…
Threats to Budgets & Schedules Supply chain. Labor shortages and interruptions. Inflation. All of this and more is challenging the traditional construction industry drivers of schedules and budgets in ways not seen in a generation. It is the “perfect storm”….
Definition of a claim in a professional liability policy for architects/engineers- It is important to understand how a claim is defined as in a professional liability policy to know when to report the claim. Here are few examples of claims…
RECORDS RETENTION POLICY Having accurate, detailed, and well-maintained project records can help keep design firms out of liability trouble while also helping them manage their profitability. Your firm should determine what it considers to be “permanent” project records or “temporary” documents. Permanent documents…
Tolling Agreements Here’s a small except taken from the current a/e ProNet August Newsletter. To read the full Newsletter, please click HERE. Tolling agreements: For whom does that claim toll; does it toll for thee? By Richard Davies, Esq., Hon….
Waiver of subrogation within insurance policies for architects/engineers- First, it is important to understand the waiver of subrogation definition. Waiver of subrogation is a legal endorsement that prevents an insurer from recovering money they have paid out on a claim…
Professional Liability Claim Resolving the Dispute Most disputes involving professional service firms are resolved through negotiated settlement or mediation. At times, usually because of contractual obligations, mandatory and binding arbitration between a client and professional is used. Each dispute resolution process has characteristics that…
Common exclusions in a professional liability policy for architects/engineers- The professional liability policy covers errors and omissions for your design professional firm. However, as with any insurance policy, there are some exclusions. Contractual liability is excluded from a professional liability…