What does a ‘hammer clause’ mean for an architect/engineer in a professional liability policy? A hammer clause is a clause that allows an insurer to settle a claim without the insured’s consent.  Most insurance companies we work with do not…

THE IMPORTANCE OF CONTRACTUAL TERMINATION PROVISIONS The primary purpose of a contract is to expressly detail the rights and obligations of the parties.  As such, a well-crafted contract will provide guidance on how to proceed in specific situations.  For instance,…

What is an insuring agreement in an architects/engineers professional liability policy? An insuring agreement is a legal contract between an insurance company and your architecture/engineering firm.   It is the insurance companies promise to make payment on behalf of your firm…

Workers’ compensation insurance gives employees medical, wage and other financial benefits if they are injured or become ill during the course of their work/job. This coverage is required in most states. Workers’ compensation insurance helps your employees recover from work-related…

Claims Made Policy How does claims made work on a professional liability policy for architects/engineers?  Claims made is the most common type of policy for professional liability. Claims made means that the policy that is in place at the time…

ProNet July Newsletter – Utilizing Tax Credits & Incentives to Increase Profitability

Common exclusions in a professional liability policy for architects/engineers- Here are some of the more common exclusions amongst different insurance companies regarding a professional liability policy. Insured vs insured. Basically, what this is saying is you cannot sue yourself.  As…

  Communication for Design Professionals       SEALED AND DELIVERED A RISK MANAGEMENT PUBLICATION FOR DESIGN PROFESSIONALS Communication is how information is exchanged. It occurs in various forms–face to face, phone calls, plans, data, correspondence and, increasingly, via electronic…

Waiver of subrogation in policies for architects/engineers- Your firm may see a clause in your contracts for waiver of subrogation.  It may even be in the insurance requirements section of the contract.  The question to ask is, does your firms…

Utilizing Tax Credits Per Stacy deru and Steve Adams at Engineered Tax Services: Most businesses hire a CPA to compile and file their tax returns based on quarterly and yearly deadlines.  These often involve writing a hefty check to the…