Architects & Engineers Professional Liability Insurance

Architects & Engineers Professional Liability Insurance for is a type of insurance policy that provides coverage to the architects and engineers for any kind of legal liability arising in case any their client decides to file a complaint against them in a court of law. Commonly known as Architects Insurance or Engineers Insurance, it protects these professionals from financial loss following a claim filed by a dissatisfied client. It covers the Architects’ legal defense costs and amount payable as damages. Engineers Insurance provides economic safeguard against risks faced by engineers in ongoing construction project, delivered project, and machines and equipment in project operation.

Architects and Engineers are liable for any negligent act or breach of professional duty which they may commit in the performance of their duties. Although it protects the individual professionals, both insurance for architect and insurance for engineers is purchased by architecture and engineering firms rather than by the professionals themselves. Generally, building design and construction companies buy this insurance cover. An A&E Insurance coverage help businesses run its affairs smoothly by protecting professionals from the costly damages for which the business is at fault.

Architects and Engineers Insurance comes with several features. They are as follows:

• Provides financial protection from lawsuits filed by client against breach of professional duties
• Provides assurance to the clients in case of any discrepancy arises in the service provided by the architects and engineers.
• PI Insurance enhances the goodwill and brand image of the architect and engineers
• With PI insurance cover Architects and Engineers can run their business smoothly
• Architects & Engineers insured under the policy have more opportunity to grow their business as some of the contractors and government authorities consider this as a requirement at the time of submitting tenders
• PI insurance for architects and engineers increases their credibility as the client can rely on them without any worries of suffering any unforeseen losses

Architects & Engineers Professional Liability Insurance provides coverage for the following:

• Loss or damage caused to the client due to an act of negligence
• Loss of client’s critical data or documents
• Expenses related to claim investigation
• Defamation and libel cases
• Financial loss caused to the client
• Unintentional breach of confidentiality

Architects Insurance or Engineers insurance does not provide coverage for the following:

• Intentional slander or financial loss caused to the client by insured
• The insurance plan does not cover any illegal acts and lawsuits filed against professionals for getting involved in any illegal activity resulting in loss to the clients
• Regular accident not associated with your work or has not happened in your workplace
• Any loss or damage caused by an act of terror
• Any contractual liability architects or engineers enter into with a third party
• The PI for architects and engineers does not cover the dispute between these professionals and their employees

The time period of the contract, expenses and risk-exposures are the key factors which are taken into consideration while deciding the amount of sum insured for architects Insurance or engineers insurance. Generally, the bigger the project and its execution time the larger should be the sum assured. Further, If these professionals undertake projects where risk exposures are quite high, like designing a smart city, then the sum assured is equated higher. With their vast experience, careful assessment of variables through professional expertise, they can decide on appropriate sum assured for themselves.

To avail an optimum cover under architects & engineers professional liability insurance, it is important to look at the following critical factors:

• Size of the contract: The time period of contract, expenses and probable risk exposures are the critical factors which have to be taken into consideration while deciding the amount of sum insured.
• Statutory Registration: There are associated governing bodies of Architect and Engineers that formulates strict guidelines specifying a level of professional indemnity cover. Professionals can know about the minimum level of cover required in your professional services to safeguard themselves against any kind of legal hassle.
• Turnover or Profits: Overall business performance and profitability of the company defines the premium paying paying capability of a professional firm.
• Size of the firm: Firms with higher scale of operation and reputable clients have to avail large sum insured amount.
• Type of Profession: Firm’s area of practice, the number of the practitioner, risk group of the practitioner, experience and qualification etc. also affect its sum insured.

To raise a claim online, one can follow the steps given below:

• Intimate with your Insurer or us: To raise a claim, you have to inform the insurance company or us about the incident
• Keep Required Documents Ready: You should submit all claim-related documents as required by the insurer to begin the claiming process
• Filing in Claim form: Fill the claim form and submit it along with the required documents
• Give information to Appraiser: Upon the receipt of the claim form, an appraiser will be assigned who verifies the authenticity of the claim raised. Claimant on their part should ensure that they tell the appraiser everything they want to know best to your knowledge.
• Compensation: Once appraiser has evaluated the claim is satisfied, he submits his expert advice to the insurance company, who will then initiate compensation.

Reputed insurance broker like SecureNow (www.securenow.in), can be customers primary contact when it comes to your insurance policy. Once you give us a detailed list of items that were damaged or lost, and supported by photos or videos that help to explain the circumstances, we will understand your situation and assist you with the claims process.

On time renewal of the insurance policy is important for a continued coverage. You can follow below steps to renew an Architect and Engineers insurance online:

• Step 1: Go on www.securenow.in
• Step 2: Fill in your insurance policy number to access your account.
• Step 3: Once you are on your profile page, locate and click ‘Renew’ button
• Step 4: Opt-in/Opt-out of any add-on(s), as per your requirement
• Step 5: Addition/removal of any add-on will increase or decrease the premium amount for the consecutive year accordingly.
• Step 6: Read the information once before you proceed to make the payment using provided online payment options
• Step 7: On successful payment, a receipt will be generated, and we will send you the soft copy of the updated insurance policy and a hard copy to your registered address, if requested for.