Architects & Engineers in Small Firms

Architects and engineers are integral in ensuring the successful design and implementation of all development projects, and, as a result, are exposed to considerable risks. Aaxel’s professional liability insurance program for architects and engineers in small firms protects against claims and allegations of professional negligence on the part of the business owner or the firm’s employees.

Eligibility

Architectural or engineering firms providing professional services with annual fees of $500,000 or less may qualify for this insurance. Firms predominantly involved in the following disciplines are ineligible, however, may qualify under a practice policy:

Geotechnical
Design manufacturing/fabrication
Environmental
Nuclear

Coverage Details

Policy Form – The insurance is written on a claims-made basis with full coverage for prior acts
Policy Period – Limits are purchased on an annual basis for the three-year policy term
Capacity – Limits are available on a per claim and aggregate basis as follows:
$250,000/$500,000
$500,000/$1,000,000
$1,000,000/$1,000,000
Territory – Services rendered and claims made anywhere in the world

Policy Features

• Guaranteed annual premiums for term
• Low minimum premiums
• First dollar defence coverage (deductible does not apply to defence costs)
• Full retroactive coverage
• Split damages deductible ($1,000)
• Broad definition of named insured (including contract employees and employees on loan from other firms
• Broad definition of professional services
• Design-build coverage
• Equity interest coverage where the insured’s interest does not exceed 10%
• Joint ventures with other design professionals
• Disciplinary coverage ($15,000 sublimit)
• Pollution liability coverage
• Occupational Health and Safety Act defence coverage ($15,000 sublimit)
• Simplified application form
• New! Breach of confidentiality coverage
• New! Libel and slander coverage

If interested in a trusted assessment of your Commercial Insurance program, please email our commercial department, or Contact us.
 

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