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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.

Solution

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.

Why do Architects need Professional Indemnity Insurance?

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.

What does an Architects’ Professional Indemnity Insurance Policy Cover?

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.

What are the Add-On Covers in Architect’s Professional Indemnity Insurance?

The following Add-On Covers are available in an Architects’ Professional Indemnity Insurance Policy:

• Cover for Restoration of Lost Documents
• Advancement of Emergency Costs
• Cover for Dishonesty of Employees or Covers which pay for Mitigation Measures for Errors Committed
• Cover for Unintentional Infringement of Intellectual Property Rights
• Cover for Copyright Infringement and Plagiarism
• Retroactive Date Cover for Projects which commenced before the Beginning of the Policy

What is the premium for Architects Professional Indemnity Insurance?

The major considerations while underwriting an Architects’ Professional Indemnity Policy are as follows:

• Turnover of the firm (Total Fees)
• Limit of Indemnity Required
• Number of Employees
• Prior Claims Experience

What are the common Exclusions in an Architects’ Professional Indemnity Insurance Policy?

The Common Exclusions in a Professional Indemnity Insurance for Architects include:

Get a FREE 60 minute consultation for Professional Indemnity Insurance for Architects

Qian has assisted several Architects over the years for their Architects’ Professional Indemnity Insurance requirements. We have ensured Customised Coverages for our Clients as per their requirements at Competitive Premiums.

So if you are an Architect or own an Architecture Firm, do not procrastinate. Secure yourself and your firm with a Professional Indemnity Insurance NOW. You can avail a FREE 60 minute consultation and get yourself a FREE Quote. Contact us NOW at insurance@qian.co.in or 📞 022-35134695 📞 022-35134695 or fill this Contact Form . We promise to respond within 24 hours.

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