When you are awake at night worrying whether or not your proposal to a prospective client for an RFQ will be good enough–the last thing you need to worry about is whether or not your professional liability insurance is adequate and whether it will protect you for the work you just proposed. According to various practitioners in the professional liability insurance industry, there are more than 50 insurers providing such professional liability coverage to architects in the United States. The purpose of this article is not to discuss all of those 50 insurers but instead to assist you in finding the appropriate broker and insurer for your practice. What we intend to point out in this paper is sometimes the overlooked role that an insurance broker plays in that process.
2023 Trends in Professional Liability Insurance
The AIA Trust together with the American Council of Engineering Companies (ACEC) and the National Society for Professional Engineers (NSPE) work annually to conduct an insurance carrier review and interview of professional liability trends and risk management issues. The following are some highlights for 2023 as well as complimentary useful resources made available to you by the AIA Trust.
Avoiding fee disputes
Architecture firms should take the time to establish meaningful fee collection practices so that they can remain financially solvent. Avoiding fee disputes with clients helps maintain positive working relationships while safeguarding the ability to provide services on future projects, including those of existing clients. Timely collection of fees is essential since architecture firms do not…
