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 MoreTopic: Professional liability
The 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…
Read MoreClimate Impact on Professional Liability
AIA’s 2021-2025 Strategic Plan states that the mission of AIA is to “inspire and empower architects to improve society and transform the world.” A key tool to enabling architects to fulfill this mission is developing a better understanding of architect’s liability as the world changes around us. And professional liability is evolving due to climate…
Read MoreAvoiding Fee Disputes
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…
Read More2021 Trends in Professional Liability Insurance
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.
Read More2021 Trends in Professional Liability Insurance
