The Professional Liability insurance market for architects and engineers is very competitive, which is why it’s important to look closely at what a policy will cover and other differentiating factors that help separate you in the marketplace. Over the last couple of years, carriers have explored adding new or expanded coverage, according to a survey of insurers conducted earlier this year by insurance broker Ames & Gough.
For example, some insurers are providing a variety of Cyber coverages under their forms or endorsements, such as third-party coverage in the event of a data breach resulting in a network security offense or theft of confidential information of others, or limited first-party coverage for privacy breach response services. It’s important to note, however, that Cyber coverage under a Professional Liability policy is not designed to provide the depth or scope of protection available under a stand-alone Cyber policy, but some limited coverage can be beneficial.
Varying types and amounts of supplementary payments coverages are also available under some Architects/Engineers Professional Liability insurance policies. These may include coverage for crisis event expenses, loss of earnings reimbursement for attendance at a trial, deposition, mediation or arbitration, disciplinary or regulatory action expenses or pre-claim assistance.
In addition to broad coverage, claims service is very important for architects and engineers. According to the survey, the need to emphasize quality claims service continues to be the most prevalent differentiator, cited by 71% of the insurers; next were longevity/stability and risk management support, each cited by 59%, breadth of coverage, cited by 47% and competitive premiums, by 35%.
RPS provides Architects/Engineers Professional Liability insurance for insureds with revenues up to $3 million, available on our RPSSmallBusiness.com platform for fast and easy quoting and binding of coverage. Some of our program highlights include: coverage for technology-based services, technology products, computer network security, and multimedia and advertising liability; defendants reimbursement; ADA, FHA, OSHA regulatory/administrative reimbursement; disciplinary proceedings reimbursement; and reputation management reimbursement. Claims are handled by a firm experienced in resolving disputes and claims for architectural and engineering firms.