Professional Liability Insurance for Architects
In today’s increasingly litigious environment, even when you do everything right, you can still get sued. Professional liability insurance for architects will protect your business from claims of alleged negligent acts, errors or omissions in the performance of your professional services as this protection will be excluded under your Business Liability Policy.
Professional liability Insurance for architects while written on a similar basis, are complex and not standardized, and requires a higher level of knowledge and experience. The key thing to keep in consideration are what do the policies cover and exclude. I know the risks of architects and recognize that no two professional liability insurance policies are alike, I walk you through the process to determine what policy will meet your needs. The following are the sections of what to look out for with your architect professional liability policy.
- Is your application made a warranty or a representation to the contract? (The information contained in the application becomes a legal part of the insurance contract.)
- Does the declaration sheet include a “retroactive date” (effective date) for prior acts coverage coverage for acts that occurred prior to the policy period?
- How is the ‘Named Insured’ defined?
- Is coverage provided for all persons for whom your business legally responsible?
- Does this include independent contractors who work on your behalf?
- How is a claim defined and does the coverage include claims first made and reported during the policy period?
- Is coverage provided for all services performed by the business?
- Is the definition of when a claim is made sufficiently broad?
- Is an optional extended reporting period available?
- Is the coverage excluded for any services crucial to the business?
- Who selects defense council?
- Does the policy require you to settle a claim?
- Are claim expenses included in the limits of liability?
- Are defense costs applicable to the deductible?
- Is there a requirement to give notice to the insurance company of claims or potential claims?
- At what point does your claim get reported and to whom?
- Are there requirements concerning changes in the business?
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