What claims information should be provided for an architect/engineers Professional Liability renewal?
No matter the size of the claim the more information provided the better for the insurance companies to evaluate the claim in determining a renewal quote.
The most common piece of information that you can provide, if you are getting quotes from other insurance companies, is the loss runs. This is the claims history report that includes, but is not limited to, the date the claim opened, the date the claim closed, what policy period the claim was applied to, the expenses associated with the claim, indemnity paid and some carriers will include the reserves (amount they anticipate will be paid on the claim), if the claim is still open. The loss runs provide the numbers associated with the claim that are helpful to insurance companies to assess the risk.
In additional to the loss runs it is helpful to complete a claims form. This form provides further details, other than just the numbers provided on the loss runs. The claims form will include services provided on the contract, project type, allegations of the claim, and the demand amount of the claim. It will also ask about risk management that have been implemented since the claim was reported to avoid future claims.
Many insurance companies would also like to know your firms lessons learned from the claim. For example, has your firm implemented different quality control measures. Your firm might have also changed your client selection or project selection process. Has your firm decided to document projects in a different manner? Anything your firm has changed since having been through a claim is good for the insurance companies to review.
Any additional information provided when it comes to your Professional Liability renewal, on the claim, is beneficial. This helps in getting competitive premium but also so the insurance companies understand what happened with the claim. If you have questions about the renewal process with regards to claims please call or email your Professional Underwriters agent.