ARCHITECTS PROFESSIONAL INDEMNITY INSURANCE POLICY

An Architect is mostly the final decision maker on the project and is responsible for the Planning, Designing and Implementation of a Project. Consequently, the Architect is responsible for balancing the needs and demands of the Owner, meeting the safety criteria specified by the Engineers and complying with all Rules and Regulations. All this while ensuring that the Project is completed on time and within the budget.

A Project may go wrong on account of Incorrect Drawing of Plans, Delay in Completion, Cost Overruns or even a Defect in Construction. Such Errors may result in losses for the Clients and the Architect may end up facing a Court Case. These Legal Cases are expensive to defend. An Architect can safeguard himself by purchasing a Professional Indemnity Insurance Policy which would take care of such Cases.

An Architects’ Professional Insurance Indemnity Policy will protect the Architect and his Organisation from Claims of Negligent Acts committed while rendering his Professional Services.

Broadly, an Architect's Professional Indemnity Policy will offer Cover against Claims of:

1. Mistakes and Oversights
2. Negligence

Cases where Architects can get sued include Design or Structural Flaws owing to Inaccurate Plans, Completion Delay and Cost Overruns on account of changes in scope of Project which are all too common.

To protect themselves against such instances, a Comprehensive Architects’ Professional Indemnity Insurance Policy is a must. The Insurance Policy will pay for the Defence Costs incurred by the Insured Party to defend a Claim in Courts and consequent Compensatory Damages awarded by the Courts.

Many Insurance Companies also offer Worldwide Coverage which covers Claims on a Global Basis.