Earlier this year, the US passed the Inflation Reduction Act of 2022, with $369 billion in funding intended to cut climate pollution in half by 2030 (from 2005 levels). The private sector is also embracing capital-allocation strategies that take environmental, social, and governance (ESG) issues into account with their business practices. Over the next few…
Read MoreTopic: Professional liability
Professional Liability Insurance: 2022 Trends
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. Following is a summary of highlights for 2022 in addition to complimentary useful resources made available to…
Read MoreProfessional liability: Sharing risks with humans, not technology
Professional liability underwriters and risk managers are often asked how risk and professional liability changes for design firms using advanced digital technologies (such as generative design, DfMA (Design for Manufacturing & Assembly), VR/AR, BIM, Digital Twins, etc.). The simplest answer is that humans manage all technologies and the liability question and associated risks stop right…
Read MoreProviding 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 MoreThe Effect of Economic Conditions on Insurance Rates
In today’s environment, when material prices are unpredictable, inflation is rising, claims are increasing, and disputes take much longer to resolve, that prediction of the cost of future claims becomes more uncertain. Learn how construction-related professional service firms may face certain future exposures, and how insurers must anticipate and prepare for losses from those exposures.
Read MoreDo You Know?
Do you know what you need to know about contracting?
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 MoreAIA Climate Impact Survey
The rapidly changing climate is on everyone’s mind, whether the impact is felt with immediacy as severe weather in one’s own locality or the unease experienced from recent climate reports and increasing events that impact every place across the globe. The message for architects is becoming clearer every day – that the profession has a…
Read MoreDo You Know?
Do you know that most professional liability (PL) insurers offer a “pre-claim assistance” or “loss prevention” benefit to their PL policies? When you are confronted with a difficult situation on a project that has not risen to the level of a “claim” (i.e., no one has asked you for money or services to take care…
Read MoreThe Champlain Tower Collapse
Analysis and Lessons Learned for Professional Design Firms – Webinar for HSW Credit This webinar centers around the events that occurred before and after the collapse of the Champlain Towers in Florida. While the official review and forensic report is still ongoing and has not been published yet, the webinar considers possible causes of the…
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