Navigating Risk in Digital Practice

Two AIA Trust reports about digital practice risks have recently been updated. The 2021 Guide to Cyber Liability Coverage by independent insurance expert, Insurance Buyers’ Council, Inc., will help you understand what you need to know about cyber liability coverage for your firm. The 2021 update of BIM Me Up, Scotty–Navigating Risk in Digital Practice, will help you to consider how you can manage potential BIM risks.

Cyber liability

Cyber Liability has become a hot topic due to high profile cyber attacks. These attacks can range from security breaches where sensitive information is stolen by a hacker or inadvertently disclosed, to business interruption from a hacker shutting down a network, to malware or ransomware holding a firm’s practice hostage until resolution.

Increasing awareness has fueled demand for cyber liability insurance and the number of insurance carriers writing coverage has increased. Comparing policy forms to identify key coverage differences is important for the architect to make an educated decision.

This guide outlines the type of risks of which one must be aware in order to identify and evaluate cyber liability policy options available to you and to select the best match in terms of limits and coverage to meet your needs. Read the Guide to Cyber Liability Coverage

Building information modeling

(BIM) is rapidly becoming the central platform for design, construction and building operation. BIM usage continues to move steadily forward, and several states have initiated BIM mandates for public work. While there has not yet been a proliferation of claims, risk management is about preemptive actions, so it is important to consider how potential BIM risks can be managed.

This paper–newly updated in 2021 by authors James B. Atkins, FAIA & Andrew D. Mendelson, FAIA–addresses issues that can be beneficial in managing risks in digital practice and concludes with a look at risk assessment and the risk sensitive areas of the BIM process. From control of the model to the standard of care, risk areas are examined based on current industry practices. A BIM Execution Checklist, protocol manual, and sample contractor agreement are provided to guide your digital practice endeavors.

Read the full report

You may also be interested in:

Why Should Architectural Firms Consider Selling to an ESOP?

By: Steven Greenapple, SES ESOP Strategies, a Stevens & Lee Company When contemplating a sale of their business, the owners of a Company have several alternatives to consider. They can (1) sell to a financial investor (private equity or family office); (2) sell to a strategic investor (another business who wants to expand into the…

Questions from Members – LegaLine in Action!

During AIA Trust Week, one of the webinars shone a spotlight on LegaLine, a legal information hotline specially tailored to respond to the needs of small firms and sole proprietors managing an architectural practice.