Professional Indemnity Insurance for Architects
Architecture is a highly specialised and a technical profession. Architects in the course of their practice makes thousands of small and big decisions to turn their client's vision into a reality. Your clients rely on your expertise to provide them with the best construction plan possible.
Constructing a Residential Building or a Commercial Building is a significant investment for your Client in terms of time and money. Months and even Years are spent in construction of a Building.
Even though the Architects may have best intentions of the client in mind, Errors and Disputes can arise for the smallest of matters.
Small errors may result in losses of Crores of Rupees for the Client. Such losses may result in Client suing the Architect for his monetary losses.
A case against the Architect may tarnish his reputation and also require substantial financial resources to defend the case in Court. Should the Architect lose the Case, he may be liable to pay Substantial Damages awarded by the Court.
An Architects’ Professional Indemnity Insurance (also known as Errors & Omissions Insurance for Architects) will protect the Architect and his Firm in such a case by covering the Defence Costs incurred by the Architect in Defending the Case in Courts. The Insurance Policy will also cover Compensatory Damages awarded by the Court.