Architects professional indemnity insurance
Although your firm will invariably do its best to carry out work error free, mistakes will unfortunately occur, and frivolous allegations can be made. It is therefore essential architects insurance is available to offer financial protection.
Architects insurance claims can have significant financial consequences if you are unfortunate enough to become the target of an allegation. For further information about PI insurance read: Who needs Professional Indemnity Insurance? Explained 1O1.
Mistake in the preperation of designs
Breach of building regulations
Incorrect planning application
Indentifies inadequate materials
Bodily injury and property damage
Get indemnity™ architects insurance
Architects PI Insurance protects against the failure to exercise reasonable skill and care in provision of professional or advisory services. Architects insurance protects firms by providing a legal defence and covers the cost of damages from a clients claim.
At get indemnity™ we can offer architects professional indemnity insurance for RIBA architects, architectural technologists or technicians. Complete our online application to apply for a range of architects insurance covers.
Operating as a digital insurance broke
r we can access multiple insurers from the wholesale market to identify the most appropriate architects insurance for your firm.
Architects Registration Board insurance requirements
The Architects Registration Board
(ARB) requires firms to purchase professional indemnity insurance
as described under the Architects Code. We can ensure you purchase the correct architects insurance to meet your obligations.
The ARB requires a minimum limit of £250k each and every claim. However, it is up to each firm to determine they have sufficient architects insurance. The ARB also recommends that architects purchase a minimum six years of run-off cover upon cessation of business. For further infomation read: How does a professional indemnity insurance policy work?
Our get indemnity™ architects insurance team are experts in professional indemnity insurance. We can work with you to ensure you purchase the most appropriate cover at the lowest cost.
Exposure to architect insurance claims
Architectural firms have a high exposure to potentially costly claims. In most instances, architects insurance claims arise from negligence in the preparation of plans, designs, drawings and specifications.
It is commonly accepted that non-structural architectural work is typically low hazard because it does not involve the foundation of a building. Architectural work on new builds typically carries a higher hazard, particularly if the work is in the commercial or industrial sector.
Insurers views are subjective when reviewing your submission, however the list below identifies commonly accepted perceptions of architectural risk:
> Lower risk architect activities
> Aborted Work
> Architectural Design Services
> Construction Management
> Landscape Architecture
> Project Management
> Refurbishment / Non-structural
> Medium risk architect activities
> Civil Engineering
> Building Surveying
> Environmental Engineering
> Structural Engineering
> Higher risk architect activities
> High Rise Cladding
> Basement Work
> Swimming Pools
> Soil Engineering
> Piling and Foundations
The nature and size of an applicant's largest projects will indicate the level of exposure posed to the insurance underwriter.
> High risk projects include:
> Harbours / Jetties
> Leisure Centers
> Medical Centers
> Oil & Gas
> Railways / Roads
> Sewage Systems
> Sports Stadiums
> Water Systems
Market conditions for architects insurance
At get indemnity
we see a hardening of market conditions for architects professional indemnity insurance
, with fewer insurers willing to compete for high risk architects insurance.
If you operate within medium to high hazard architectual activities or projects we recommend you engage with your PI insurance broker early to ensure you obtain a satisfactory renewal. For further infomation read: How does a professional indemnity insurance policy work?
With access to the wholesale architects insurance market, we can offer your firm a range of quotes from a number of competing insurers.
Other business Insurance for architects
There are a number of business insurance
covers available to your architectural firm to assist with mitigating risk. At get indemnity
we can offer a comprehensive package to ensure you're covered should the worst happen.
Employers liability insurance for architects
Most architecture firms will employ staff therefore you will be required to purchase employers liability insurance
under UK law.
An employee could trip and fall at your offices leaving them with a permanent back condition. Architects iinsurance will provide a legal defence and cover the cost of damages from an employee suffering a bodily injury or illness whilst working for you.
Public liability insurance for architects
It's worth considering public liability insurance
if you have clients or members of the public visit your premises, or if you visit clients at their premises.
A client could accidently slip and suffer a serious head injury at your offices. The architects insurance will provide a legal defence and cover the cost of damages. Without adequate protection the cost of personal injury cases can be significant.
Cyber crime insurance for architects
A cyber crime can potentially be covered under both cyber insurance
and a crime insurance
, however each policy will seek to mitigate the impact in different ways.
Complete our online application to obtain a selection of architects insurance quotes that can combine a selection of covers under one policy.
This guide is for information purposes and based on sources which we believe are reliable, the general risk management and insurance information is not intended to be taken as advice with respect to any individual circumstance and cannot be relied upon as such.