Preparing for Renewal of Your Firm’s Professional Liability

Preparing for Renewal of Your Firm’s Professional Liability

There are many pieces of information to gather when your firm completes your Professional Liability renewal application. If you keep this information up to date the renewal process becomes much easier.

The first pieces of information that your firm will need to gather are the past fiscal years billings. The billings for the past fiscal year will be your firm’s billings and sub-consultant billings that are passed through your firm. It will not include direct reimbursable expenses such as printing and travel. The insurance companies may also ask for two years past and your projected billings. Along with the billings the insurance companies may ask to have billings for master plans, feasibility studies and reports.

Another section that your firm will need to provide information on are the projects in the past fiscal year that are from the billings from that time period. The projects are broken down into percentages from the gross billings from the past fiscal year. This is not for projected projects, it’s for the past fiscal year projects.

Insurance companies will also ask about contracts. What types of projects your firm used in the past fiscal year? For example, 80% Professional Association contracts and 20% your firms standard contract. Along with the contracts the insurance company may ask about limits of liability used in those contracts.

Risk management typically has several questions in the application. Does your firm attend seminars? Does your firm have peer review? Does your firm have quality control standards? These questions may be the same from year to year but it always good to address these questions for possible additional discounts.

Claims questions are on all Professional Liability application. If your firm does not have any claims answer the questions accordingly. If your firm has had claims provide as much information about the claim as possible including your firms lessons learned from the claim.

If you have questions on the Professional Liability renewal process call or email your Professional Underwriters agent for assistance.preparing for renewal


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