ARCHITECTS & ENGINEERS
Unlike many professions that benefit from mandated policy wordings, Architects and Engineers need specialist advice in order to secure the right coverage.
During the quotation process, we perform extensive research in the market to ensure that the insurance product is the right fit for our client. We understand that value for money is always an important consideration but that it should not be delivered at the expense of adequacy of coverage or service standards.
Ultimately, our clients want to know that their claims will be handled fairly and efficiently. We work with established Insurers with vast claims management experience both in the UK and Internationally.
The diversity and complexity of work performed by our clients creates the need for professional indemnity insurance which is comprehensive, flexible and provides claims support for potentially very large and intricate claims.
Supporting firms with specialised wordings that match their differing requirements, our understanding of this highly litigious sector is invaluable.
Premium calculation factors:
The size of the firm – One of the major factors that determine insurers’ rating and underwriting criteria is the size of the firm, both by turnover and number and size of contracts in which they are involved.
Contract sizes – Clearly the size and scope of building/engineering projects is an important consideration for underwriters. Large complex works are considered higher hazard than lower value ‘standard’ buildings such as houses, offices or shops.
Technology – Is the firm using 'cutting edge' technology or standard, tried and tested processes? Tried and tested techniques are seen as lower risk.
Overseas exposure – Does the firm carry out work for overseas clients? Careful consideration would be paid to such work, especially in the USA.
Environmental exposure – Does the firm knowingly get involved in the environmental field such as brown field sites for redevelopment?
Cladding / glazing exposure – Does the firm get involved in cladding? This is a specialist area and has encountered many problems over the years and so experience in this field is key.
Claims experience – The claims experience is an important determining factor in the assessment of risk. This information usually reflects the type of work carried out by a firm. It also reflects the quality of the firm's work, staff, internal risk management and experience.