When Contractors Cut Corners, They Not Only Threaten the Integrity of Your Design, They Endanger Your Reputation and Financial Well Being.
Let Me Show You How to Protect Yourself and Your Firm From Frivolous Design Malpractice Claims and Stop Wasting Money Paying for Insurance Coverage You Do not Need.
Of course I am not recommending that you practice without professional liability insurance, but right now, you are probably buying a policy that provides more coverage than you may really need. Some time ago I was reviewing an Architects’ Professional Liability insurance policy with my client and we began discussing the different types of services the policy would cover. The only problem was that he didn’t provide those types of services. Services like Chemical Engineering, Marine Architecture or Asbestos Abatement. He never provided those types of services in the past and didn’t plan to do that kind of work in the future. Then we began to speak about the types of projects he could work on that could be covered by the policy. One again, there were many types of projects he had no interest in working on. Projects like Airports, Condominiums and Utility Plants to name a few.
When we finished reviewing the policy, my client asked me a very pointed question, “It seems I am paying a lot of money to cover work I’m never going to do. Isn’t there a way to exclude these coverages and save me some money?” Unfortunately, at the time the answer was, “No”. But it did get me to thinking…
A Professional Liability Insurance Policy for Architects and Engineers that Doesn’t Weight You down Paying Premiums to Cover the Exposures of High Risk Services and Projects
It took some doing. I worked on this project for over nine years, negotiating with five different insurance companies before I found the right partner insurer, had developed a workable policy form and developed the right rates. During that time, I also identified several additional exposures that almost every design professional faces that were not covered by their existing policies, or that coverage was handled poorly. Most importantly though, there was one final complaint that I received from most of my clients, “why are the applications so long and complicated?” So, working with the insurer, we came up with an application that gets to the heart of the underwriting information and help you know right up front whether or not you qualify for a quote.
AE123™
So what did I add?
• Electronic Media Coverage
• A free or reduced cost tail endorsement when you retire
And what did I remove?
• Construction or construction management services
• Project financing or real estate services
• Home inspections; soils testing; process engineering; chemical engineering; nuclear engineering; marine engineering, marine architecture; mining engineering; product design; asbestos abatement; and/or machinery/equipment design related services
• Airports; Arenas/Stadiums; Bridges/Tunnels over ten feet in length; Convention Centers; Correctional Facilities; Harbors/Piers/Dams; Industrial Waste Water Plants; Landfills; Nuclear/Atomic Facilities; Pipelines; Petrochemical Facilities; Pools; Quarries/Mines; Condominiums; Superfund Sites; Tract Homes; Utility Plants; and/or Sewer Systems (other than individual connections) project types
And since these services are allowed by the program, the rates don’t have to reflect these high cost severity exposures.
No Cost – No Obligation
So, why not contact us now and complete our application. There will be no cost or obligation for getting a quote.
What if you don’t fit the program?
As a professional liability specialist with more than 20 years working with design professionals, I still have many low cost creative solutions to meet your needs. Call me today for a no-cost, no obligation premium estimate and program review
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