General Liability vs Professional Liability Policy Why does my architecture/engineering firm need General Liability if we already carry a Professional Liability policy? The reason is that these are two different types of policies, while most of a design professionals risk…
3 Keys to Combat Hackers in Cybercrime Surge Cyber attacks have spiked dramatically since the COVID-19 crisis began, leading to what some are calling a “cybercrime pandemic” as hackers capitalize on vulnerabilities inherent in a newly remote workforce. The U.S. Federal Bureau of Investigation is…
Diminishing Limits of Liability on Professional Liability for Architects/Engineers What does this mean, diminishing limits? This is also referred to ask shrinking limits. If your firm has a claim the amount of the indemnity and expenses reduces the limits of…
Architects & Engineers – Unauthorized Changes to Plans By, Samuel J. Muir* I. What’s at stake? Some states recognize the potential problems of changes to design plans without the authorization of the design professional. In those states, there are…
Professional Liability Exclusions that Architects/Engineers Should Be Aware Of There are some exclusions in Professional Liability policies, and depending on the insurance company and your firm, some may have more exclusions than others. Here are a few exclusions to pay…
Know Your Limitations A Design Professional Guide to Limited Liability – By David A. Ericksen A limitation of liability provision in a contract is one in which a Design Professional and client agree to limits the liability of the Design Professional. …
Deductibles on Policies for Architects/Engineers The deductibles will vary based on the type of policy for your design firm. It is important to know and understand your deductible on each policy in the event of a claim. Workers Compensation –…
Hired Auto Liability Coverage Hired Auto coverage provides Liability insurance for vehicles you lease, hire, rent, or borrow to use in connection with your business. Hired auto liability coverage example You’ve taken on a special job that requires you to rent…
Umbrella Policy What is covered and not covered under an umbrella policy for architects/engineers? An umbrella policy provides additional coverage or excess limits for your design firm. What is covered under the umbrella policy? For an architecture/engineering firm the ‘underlying’…
Fiduciary Liability Coverage Why you and your organization need protection – If your company sponsors a retirement or health plan for its employees and you are involved in any way with the management of that plan, you are likely considered…