Newsletters
With the passage of the $1.2 trillion infrastructure act, architecture firms across the board can anticipate more work in the next few years. While the prognosis for the industry is positive, 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…
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Together with the American Council of Engineering Companies, the National Society for Professional Engineers, and the American Institute of Architects, the AIA Trust participates in an annual insurance carrier interview and review of professional liability trends and risk management issues. Here’s a summary of the fall 2021 review.
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For small-business owners, the importance of employee benefits is a significant factor when it comes to attracting and retaining talent. The majority of workers prefer attractive types of employee benefits—like insurance, paid time off, and a retirement plan—over pay raises. Whether you’re competing for talent or keeping the high performers you already have, small-business employee…
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Most architects and their employees are actively contributing to a retirement plan. Regardless of your personal situation, it makes sense to review the type of retirement plan that you have as well as your individual savings plan for retirement to make sure that you are maximizing your potential savings. The type of retirement plan, investment…
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Amy Slattery, AIA, is the 2022 AIA Trust Chair. Amy is the Founder and CEO of Odimo, a growing architecture practice based in Kansas City, Missouri which received the 2019 AIA Kansas City Firm of the Year Award. Odimo was also a Top 10 Finalist for the Greater Kansas City Chamber Small Business of the…
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Environmental, Social and Governance (ESG) is a system of criteria related to the environment, social equity, governance and supply chain practices that measure how investments and services can be scored and screened regarding sustainability. Why is this important to you as a design professional? Let’s first define ESG. The four components when considering ESG criteria…
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Do you know that the importance of documentation cannot be overstated? From the outset of a project, it is important to have a signed written contract in place that clearly sets forth your scope of services, compensation, and anticipated schedule, as well as the legal terms and conditions governing your relationship with your client. State…
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Driving safety is of the utmost importance when a winter storm rolls in. Various types of weather events can significantly affect how you drive, and different situations call for very specific steps to stay safe. These tips can help you stay in control of your vehicle as you navigate the roadways.
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As the nation’s most experienced insurer of architecture firms, the Victor and CNA program has the largest base of claims to inform architecture firms of their greatest professional liability exposures and methods to keep those exposures from generating claims. For architectural firms, clients are the source of most claims, and they often influence third-party claims…
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These invaluable AIA Trust webinars were recently held live on critical risk topics—such as climate change, IPD, Mediation, and health insurance AND the recordings and handouts are now posted to the AIA Trust website, with most offering continuing education credits.
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A new AIA Trust risk report, The Risks and Rewards of Integrated Project Delivery (IPD), focuses on the unique risks and rewards which architects may face when participating in collaborative delivery such as Integrated Project Delivery (IPD), Integrated Design Build (IDB), Integrated Form of Agreement (IFOA), Tri-Party Agreements, and other contracts which include risk and…
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As a firm owner, determining the type of health coverage you can provide your employees and their families can seem like a daunting task, especially when it comes to knowing all of your options. There are a number of different health plans available to business owners in addition to traditional health plans. This information about…
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Offering a 401(k) retirement plan for your practice in which your employees can participate is a valuable benefit. Frequently, motivating your employees to appreciate and take advantage of this benefit can be a challenge. However, a retirement plan with engaged, informed and participating employees is a successful retirement plan.
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The new AIA Trust website is designed to simplify identifying the benefit plans and practice resources for AIA members and components that can help them effectively manage their risks. The AIA Trust offers a portfolio of risk management solutions and resources designed to help AIA members grow and prosper. All programs are exclusively developed for…
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A used car is a great way to get around without breaking the bank—unless it has undetected flood damage. In that case, you could inherit problems like short-circuited electronics, overheated engines, and warped brakes–all of which could put your safety at risk.
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The Covid-19 pandemic has necessitated a closer look at travel insurance plans and carriers—specifically what they cover and what they don’t. It’s important to consider plans that meet high benefit and coverage standards that travelers are seeking right now.
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2023 Update It is critically important that all architects have health insurance coverage for themselves and their families. Often younger people believe they are in good health and since health insurance can be expensive, they may opt to go without health insurance coverage. This could be a huge financial mistake. An accident or an unforeseen…
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The AIA Trust recently published a paper titled “Firm Management Strategies” based on interviews with various sized firms from around the country about how they have managed through various catastrophes and endured—often emerging stronger than before. The paper examines some of the similarities and differences between managing a firm during the Great Recession that began…
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Those in the architecture community often equate risk with professional liability. Because of state licensing laws and the general legal treatment of professionals, liability in the performance of professional services is a significant risk. When failure to meet the standard of care for professional services harms a project stakeholder or results in injury to the…
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Most architectural firm owners and managers must address critical priorities in addition to the business of architecture. These include managing taxes, attracting and rewarding valued employees, and establishing a long-term strategy to ensure their own financial security. Fortunately, as a firm owner, you have an option that could help to address all those goals: sponsoring…
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