Important Insurance Terms for Architects and Engineers There are many terms when it comes to insurance policies, below is a list of some of the terms that will be significant for your firm. Dec page – Also know as declarations…
Directors and Officers Insurance Directors and officers (D&O) liability insurance protects the personal assets of corporate directors and officers, and their spouses, in the event they are personally sued by employees, vendors, competitors, investors, customers, or other parties, for actual…
Professional Liability vs. General Liability for Architects and Engineers What does each policy cover? How are the similar? How are they different? Professional Liability is for design errors or omissions. It relates to ‘your work’ and the potential claims that…
Including Sub Consultants on My Design Firms Professional Liability Renewal Application The question of sub consultants on Professional Liability comes up quite often. Why do they need to be included on the renewal application? Your firm has vicarious liability for…
Not carrying insurance on your vacant commercial building? It could cost you more than just losing the rents. According to Burns & Wilcox, a leading insurance broker, ‘each year, vacant commercial buildings experience more than $500 million in fire…
Risk Management Resources Available to Architects and Engineers Your firm may have risk management practices within your firm it is always a good idea to look outside of your firm for additional information. Here is a list of some suggestions…
Replacement Cost vs Market Value When you think of what your home is worth, you tend to think of either what you paid for it, or the price you can sell it for on the open market. But insurance carriers…
Why is my Professional Liability premium different from another design firm that does similar work? This question comes up quite a bit because your design firm may be doing similar work and projects as another design firm. It is not…
Summertime Dangers It’s all fun and games until someone gets hurt, right? As the weather gets warm and the days stay light longer, it’s a fact that mishaps will happen more. Be SAFE out there this summertime! Car accidents: More teenagers…
Common Exclusions on Professional Liability Policies for Architects and Engineers Most Professional Liability insurance companies have much similar exclusions on their policies. It is important you read your firms policy to be aware of what the exclusions are for your…