Note: The AIA Trust is pleased to provide these updates annually. The below information was reviewed and edited in 2023 to prepare firms for 2024. What Happened to the Small Employer Insurance Market? As the cost of providing medical care increased in the mid-eighties, employers and insurers tried a variety of tactics to slow it…
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Providing Pro Bono Services
Whether or not professional services are provided for a fee or on a complimentary basis, the professional liability risks are the same. Professional liability insurance coverage is also the same, even though no premium is calculated on the value of the free services provided. The general rule is that a professional performing voluntary services must…
Read More2022 Summer Global Travel
As the world plans for summer travel, this travel year may be known for its “bucket list” vibes. From the beaches to the mountains, all kinds of travel destinations and bucket-list experiences are top of mind for many who want to turn 2022 into the year of the G.O.A.T. – or the “Greatest Of All…
Read MoreManaging Risk Through Contract Language
Managing Risk Through Contract Language, one of the professional liability risk management tools available from Victor Insurance Managers Inc., reviews contractual demands by clients that could increase exposure or compromise professional liability insurance coverage and provides commentary and alternatives.
Read MoreComponent Insurance Primer
Because the AIA Trust offers numerous varieties of insurance to AIA members as well as components, we frequently receive questions from AIA components about chapter-specific insurance – such as event cancellation insurance and liability insurance. Since many components do not carry this kind of insurance, the market is not sufficient for the AIA Trust to…
Read MoreMaking the Transition to Running Your Own Firm
In operating a professional practice as a private business, a licensed design professional faces many risks. A prudent design professional entering private practice should consider insurance to cover certain exposures, including professional liability, cyber liability, commercial general liability, commercial auto coverage, and the risk of property loss. In addition, practitioners should be sure they have…
Read MoreExtended Reporting Periods: What Are They and Why Do You Need Them?
Whether your firm is closing its doors, acquiring or merging with another firm, or wondering what happens to your professional liability policy during these types of changes, this guide will help you understand Extended Reporting Periods (ERPs) and how they work.
Read MoreFinancial Planning Guide
This guide will help you determine your financial planning needs, with suggested timelines, asset allocation, retirement products and various types of insurance to consider.
Read MoreAn Architect’s Guide to Buying Cyber Liability Coverage
Cyber Liability has become a hot topic due to high profile cyberattacks. Increasing awareness has fueled demand for cyber liability insurance and the number of insurance carriers writing coverage has increased. Since there is no standardized policy form, comparing the policy forms to identify key coverage differences is important for the architect to make an…
Read MoreAn Architect’s Guide to P3s
By Robin G. Banks, Esq. Licensed to practice law in Maryland and DC, Robin G. Banks focuses her practice on construction law, representing design professionals and other industry participants in contract drafting and negotiation and design and construction related disputes. She serves as Associate Outside Counsel to the AIA Contract Documents Committee and is an…
Read MoreAn Architect’s Guide to P3s
