Architect Liability Insurance
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Professional Liability Insurance (aka E&O insurance) for Architect
As an architect your profession is held in high regard and you are considered an expert in your field when it comes to all things architectural. Creating designs that transform spaces from new homes to hotels, shopping malls and multi-story blocks, the sky is the limit! Your clients trust that you will deliver their designs and plans without fail. But with new designs and plans comes an element of risk for things to not go according to plan.
When something goes wrong and a client becomes unsatisfied with your work, you have the potential of becoming accountable for damages, regardless if the claim is actual or alleged.
When mistakes happen, they can have a devastating impact on your finances and your reputation. Professional Liability insurance is there to provide protection from the risks you face as an engineering professional.
Professional Liability insurance comes into play when a third-party makes a claim against you for financial harm caused by advice or services your business has provided and can provide cover for your defence expenses, settlements and judged related to the claim.
It is important to extend your Professional Liability insurance long after the project has been completed as this is when the cracks can appear, and problems start to arise.
A&E insurance policy provides the following standard coverages:
- Architects and Engineers Professional Liability
- Architects, Engineers and Contractors Pollution Liability
- Technology Based Services
- Technology Products
- Computer Network Security and Privacy Liability
- Multimedia and Advertising
In addition to standard coverages, architects often need the following coverage features:
- Technology risk coverage for:
- electronic transfer of data
- copyright infringement
- web-hosting functions
- privacy liability
- ADA/FHA/OSHA regulatory actions reimbursement extension
- Defendants’ reimbursement extension
- Disciplinary proceedings reimbursement extension
- Reputation management reimbursement extension
- Broad definition of insured – includes insured’s participation in joint ventures
- Automatic 60-day coverage for acquired entities
- Blanket waiver of subrogation provision for clients of the insured as required by contract
- Punitive damages extension – where insurable by law
- Mediation deductible credit
Did you Know?
Some of your clients may require that you and your subcontractors carry professional liability insurance.
Architecture Covers a Broad Range of Professions
- Agency construction managers
- Project managers
- Landscape Architecture Inclusive of Irrigation Services
- Interior designers
Why Do Architects Need Professional Liability Insurance?
The role of an architect is one which involves direction and creativity from the drafting table to the construction site, and it’s not a career that comes without risks. A simple miscommunication or mistake could result in a costly claim, something which you could live without.
Even the most experienced architects are exposed to the risk of mistakes happening, and even if a mistake wasn’t made, an acquisition of negligence could result in a costly lawsuit just in defence costs alone. This could be enough to cause extensive financial damage, enough to potentially put you out of business.
This is where Professional Liability insurance becomes vital to protecting your business and can provide coverage in the event if you are sued or a claim is made against you, covering your associated legal fees.
Not only should having the right insurance be part of your business plan, but it may also be a contractual requirement to work on certain projects that you have a Professional Liability policy in place. Your client wants to make sure that all risks for errors are covered.