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Architects, EngineersAs an architect or a consulting design engineer, whether practicing solo, as member of a group, or in a joint venture, you are well aware of the complexity of a construction design project and all the obstacles that can get in your way on a daily basis.
But perhaps less obvious are the hidden risks associated with your practice, which can translate into an imminent or a future liability claim, which may or may not be answered by your practice policy.
You are most probably aware of what a construction/design defect claim or lawsuit looks like or feels like. A claim triggered by one person's action suddenly becomes a claim against all the parties involved in the project, without exception, rightfully or not!
Without an appropriately worded legal language in your practice policy, one such claim can devastate a business overnight.
Whether practicing solo, or as part of a design firm, when purchasing a professional liability policy, some of the questions that must be addressed are:
- Who is the "Named Insured"?
- How does the policy address the coverage for professionals who are partners, shareholders and employees of the firm or indpendent contractors?
- Is coverage provided for all persons for whom the insured is legally responsible, including sub-consultants?
- How does the policy cover former, current or future non-professionals and employees, independent contractors, heirs, executors, administrators, legal representatives or assigns of the insured?
- Does policy provide coverage for innocent partners, where others have not complied with policy conditions?
The above are just a few of many issues which need to be considered when purchasing a practice policy. Our brokers will be happy to answer all your questions in detail.
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