Project Policy For Our Architecture/Engineering Firm
Can our architecture/engineering firm get a project policy? Project policies are available with a few of the insurance companies. The Professional Liability project policy, that being referred to, will cover the whole design team not just one firm. The insurance companies have projects they will not write for project policies such as condos. The project policy is typically purchased by the developer or project owner. There is an application to complete for the project policy to determine if the project is eligible and the policy premium.
If your firm is not looking to cover the whole design team and you only need higher limits for a specific project there is a project endorsement available. This will increase the limits for the specific project. For example, if your firm currently has limits of $1,000,000 per claim/$1,000,000 aggregate and the contract is requiring $2,000,000 per claim/$2,000,000 aggregate. The project endorsement will provide and additional $1,000,000 per claim/$1,000,000 for the specific project. Like the project policy, the project endorsement will require an application for the insurance company to underwrite the risk.
If your firm has a client that wants increased limits there may also be a client endorsement that is similar to the project endorsement. The endorsement will provide higher limits for the client in the same way that the project endorsement provides increased limits for the project.
Your firm may want to consider increasing your firms overall policy limits to meet the requirements of a project or client. The insurance company will ask additional questions to determine if your firm is eligible and what the additional premium would be.
There are many options to increase your limits of liability on your Professional Liability policy or the project may require a project policy. If you do have questions please call or email your Professional Underwriters agent.