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 →
Additional insured status on a contractor’s CGL policy is most beneficial for claims involving bodily injury to construction workers, but it may also provide protection from third-party or non-worker bodily injury or property damage claims. In these instances, architects and engineers may benefit from having the contractor’s CGL policy provide them with a defense that... Continue Reading →
The new professional liability insurance policy provided by Schinnerer to architects, engineers, construction managers, environmental professionals, landscape architects, surveyors, and other professional service firms is being introduced as the various state insurance regulatory offices approve it. While policyholders won’t be insured through the new policy until their first renewal after the state's authorization date, coverage... Continue Reading →
One of the insurance policies that most professional service firms operating internationally need—and often do not have—is a kidnap and ransom policy. This policy provides coverage to firms should in the event of the kidnapping and ransom of an employee or the extortion of funds from the firm. The situations that lead to such exposures... Continue Reading →
As the market for the creation of capital assets moves increasingly toward design-build, many design firms have found themselves in the difficult position of being a subcontractor to a design-builder who often is a construction contractor. Serving their client—the design-build entity—and not the ultimate project client can create communication and ethical problems for the design... Continue Reading →
One of the first actions of the new Congress was to reauthorize the Terrorism Risk Insurance Act (TRIA). The legislation had passed the House in December after extensive delays, but became snagged in the Senate in the final days of Congress. Reviving the government's terrorism risk insurance program, which provides a backstop in which the... Continue Reading →
On December 17th President Obama announced a new approach to U.S.–Cuba diplomatic relations. Many design firms well aware of the need to upgrade the island’s infrastructure, hospitality, and housing are anxious to tap the market, either through lucrative aid contracts or by working with the many U.S. commercial entities that have been planning financial investments... Continue Reading →
