Learning from your challenges

Professional service firms should strive for continuous improvement. Firms that systematically review project outcomes and decision-making processes and then make the necessary improvements in policies and procedures will improve their chances of a more favorable outcome the next time they encounter a challenging situation. Firms should consider developing a “Lessons Learned” program that is intended... Continue Reading →

Extended reporting periods—do I need one?

Because professional liability insurance policies are written on a “claims-made and reported basis,” there is no coverage for claims once the policy has terminated or been cancelled—unless you have an extended reporting period (ERP). An ERP extends the policy to allow for the reporting of claims that are made against you during the term of... Continue Reading →

DRBs help bring projects in on time and on budget

Dispute resolution boards (DRBs)—sometimes also referred to as dispute review boards—have been shown to significantly reduce claims and disputes on construction projects, resulting in greater cost savings for all of the stakeholders. A DRB is a panel of impartial, specifically-trained professionals formed at the beginning of a project that encourages resolution of disputes at the... Continue Reading →

Employers beware: EEOC weighs in on transgender issue

Transgender employees have the right to work in an environment that is free of discrimination and harassment, the same as any other employee. The discomfort, prejudice, and anxiety of employees, supervisors, or customers do not justify discriminatory treatment of transgender employees. The EEOC recently announced the first resolution of a lawsuit challenging discrimination based upon... Continue Reading →

Why per-claim and aggregate limits matter

Does it really matter if your professional services agreement only requires your firm to carry professional liability insurance with a per-claim limit of $1,000,000? It may. The appropriate language for stating the limits of professional liability coverage under a policy is “per-claim with an aggregate limit.” No U.S. professional liability policy provides unlimited coverage during... Continue Reading →

Create a website or blog at WordPress.com

Up ↑