Architects And Engineers Insurance Quotes
Architects' & Engineers' (A&E) Insurance is a specific variation of Errors & Omissions (or Professional Liability) Insurance designed specifically for architects, engineers, and other "design professionals." Check out the Errors and Omissions Insurance product description for further background information.
A&E Insurance covers liability for damages that result from the performance of professional services, including errors (something you did), omissions (something you didn’t do), and acts of negligence. Think of it as "malpractice insurance" for design professionals. A&E Insurance policies are customized to meet the specific needs of these professions.
Policies cover financial losses and expenses (including legal fees) that result from a claim. Some policies also protect against slander, libel, and breach of contract.
What Architects And Engineers Insurance Is Not
A&E Insurance differs from other types of commercial liability insurance like Commercial General Liability, Employment Practices Liability, and Directors' & Officers' Insurance. It is a very specific form of insurance that covers any losses that might result to others from the exercise of your professional judgment.
Who Needs Architects And Engineers Insurance?
Any design professional (residential and commercial architects, design/build architects, civil engineers, landscape engineers, surveyors, and specialty construction consultants, to name a few) should be covered by professional liability insurance. With lawsuits on the rise, liability coverage is especially important, as it typically covers baseless claims as well as legitimate ones. Both types can be very expensive.
Policies are available for individual practitioners as well as for entire firms.
Things To Think About
Begin by asking yourself what mistakes are likely to happen in your profession, and what the consequences of those mistakes might be (financial loss, damage to image or reputation, etc.). Base the amount of coverage on the answers to these important questions.
There are a number of specific things to look for when shopping around. Here’s a short list:
- Does the policy cover both full-time and part-time employees?
- Does the policy cover independent or sub-contractors retained by your firm?
- Does the policy offer some type of credit if you pursue mediation before taking legal action?
- Does the policy cover prior acts that come to light later on?
- Does the policy cover any "mental anguish" that results from your error, omission, or act of negligence, or does it only cover tangible financial loss?
- Is the policy available on a claims-made basis?
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