Why is it important to read my firms architect/engineers Professional Liability policy?

Why is it important that I read my firms architect/engineers Professional Liability policy?

There are many reasons it is good to read over your Professional Liability policy, mostly so that you know what your firm’s coverage is on the policy.

First you want to make sure that all of your firm’s information is correct, including your firms name and address.  Does your firm name need to have a LLC or Inc. and is it spelled correct?  This is necessary information for the insurance company; make sure it is correct so that at the time of the claim everything matches your contracts on the project.

Double check the effective dates, limits, deductible, deductible type and retroactive date.  Is what you are paying for the same as what is on the policy?  Does your firm have first dollar deductible or straight deductible? If the retroactive date is full prior acts make sure it states that on the policy.  Or if the retroactive date is a specific date, i.e. 1/1/1991, then make sure that is clear on the policy as well.

After you have checked the vital policy information on the declarations pages (first few pages) of the policy, then read the rest of the policy.  This provides valuable information such as exclusions, pre-claims assistance, mediation credits, supplemental payments, where to report a claim, definitions, cancellation, and extended reporting periods (tail policy).   Does your policy have a specific exclusion for condos?  How/where do you report a claim?

It is important to know all parts of the policy so that your firm is aware of what is covered or not covered.  While we can’t read the policy for you, we are here to help.  Please call or email your PUI Agent with questions.insured

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