What information is needed to complete a Professional Liability application for architects/engineers? This will depend on the insurance company and what the application is requesting. However, most applications will request the following information.
The largest piece of information the application will request is billings for the past fiscal year. The billings will include sub consultant billings but some companies will ask for that to be separated out of the total billings. This also does not include direct reimbursables, such as printing and travel. Some insurance companies may ask for the past two or three years of billings (you may be able to obtain this information from a past application). Additionally the insurance companies will want to know your firm projected billings.
The other big piece of information the application will ask are project percentages (based on past fiscal year billings). This may be single family homes, office spaces or schools. This section must equal 100% for project types. If a project type your firm has designed doesn’t fit into any of the categories you can include it in the other category and provide details.
The application asks for your firm’s discipline, meaning are you an architect, electrical engineer, structural engineer, etc. This does not include your sub consultants, only the services your firm provides. Some applications may ask further questions about sub consultant services in later questions.
Another section of the application asks for your client percentages from the past fiscal year. Are your clients the private owner, other design professionals or developers? Again, this section should equal 100%.
Most applications will include a risk management section. This may include continuing education completed, types of contracts used, if your firm has any outstanding fee disputes. Depending on the insurance company there may be many more questions. The more information you can provide about your firms risk management the better.
If you have questions or need assistance with the Professional Liability application please call or email your Professional Underwriter agent.