Notes

Professional Liability Insurance Costs for New Architectural Firms
A ubiquitous concern among architects who want to start their own practice is "Just how much will my professional liability insurance cost?" Coverage costs vary by:

� State where the practice is located,

� The limits of coverage purchased,

� Project types being designed, and

� The experience loss history of the Architect applying for coverage.

The price of insurance also varies annually because the insurance market hardens or softens.

What should an architect expect upon trying to get PLI (professional liability insurance) for the first time? Professional liability insurance protects firms against claims and/or allegations of negligence, errors or omissions in delivery of professional services. To ensure that an insurance company to judge and price their risk in insuring a company, they might need completion of an application. The application captures information regarding business locale, annual revenue, the discipline and project mix of the firm, and the chance management protocols implemented to greatly help minimize contact with claims. They will also inquire regarding claims history.

When along the way of starting a new firm, the underwriter will expect estimates of anticipated business. A good business plan goes a long way regarding providing underwriters comfort, so submitting a brief narrative stating goals and direction for the new firm is essential. Previous project experience will also be highly relevant. In order to qualify for Architects Professional Liability insurance, you need to hold a registered and/or licensed architectural license.

To acquire a quote, one must submit:

� A whole application. Be judicious, as submissions compiled hastily tend to be priced higher or declined by underwriters.

� A resume showing representative projects, education and any Society/Association affiliations held. Associations convey professional commitment to the insurer. Engagement in continuing education includes a similar effect.

� A mission statement like the direction intended for the business enterprise goals for growth.

Once committed to investing in a policy, annual renewal will be necessary to maintain coverage on work performed beneath the new firm. Professional liability insurance is written on a "claims-made" basis. This implies a policy must be in force at that time a claim is manufactured in order for coverage to apply. Also all policies contain a "retroactive date", which is the inception date of the original professional liability insurance policy.

It isn't possible to obtain coverage for work that you performed before trying to get professional liability insurance. Essentially, the key to covering architectural professional liability would be to purchase from a trustworthy provider, and to achieve this immediately upon inception of a practice.

Hall and Company can be an insurance brokerage firm that specializes in the placement of A/E professional liability insurance. We currently will be the brokers for a lot more than 3,600 architects, engineers, environmental consultants and land surveyors. Our clients are located throughout the United States. We are located in Poulsbo, Washington, a suburb west of Seattle located on the Kitsap Peninsula. Our website is http://www.hallandcompany.com.
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