Architect Insurance Australia
There are several hundred different insurance policies available all over Australia, but which ones will protect you and your business without exclusions as you go about your day to day activities? As a professional insurance company, we offer a number of insurance services to ensure you with peace of mind that your risks are adequately covered. In today’s world, just one mistake, illness or accident can set your professional career back and without the right insurance cover, you may never recover from the consequences.
Insurance for Architects can be Complex
Insurance requirements for architects can be complex which is why it is extremely important to find the right insurance policies specifically tailored to cover the complexities of your profession and protect you and your business from risk. If you are running an architectural business, your duty and care extend not only to your client but also to your employees, contractors, building owners, as well as injuries and losses sustained by individuals due to alleged design deficiencies.
About 12 years ago it was almost impossible for architects in Australia to obtain PI insurance at a reasonable price. Today things are vastly different due to the arrival of several international insurers including Lloyds of London who brought with them unique underwriting capabilities together with many years of experience in similar insurance practices abroad. Their knowledge of the risks involved allows them to tailor their specific insurance coverage to suit Australian legislation. Their immense history of claims costs while operating in extremely competitive environments has enabled them to set realistic premiums while providing their shareholders with dividends and attracting new clients with their attractively priced products. Today there are more than 50 different Lloyds syndicates and international insurance companies in Australia who offer cover for architects with policies that contain industry-specific wording.
Protect Yourself Against Risk
It is important to have an adequate level of architect insurance cover in place to protect you and your business from unforeseen incidents. Insurance policies specifically designed for Architects, Surveyors and Designers will ensure that your business is kept safe in the unfortunate event of a claim. The security of an insurer should be a major factor when you are looking for Personal Indemnity insurance. Provided an insurer is regulated by APRA, has at least an ‘A’ financial security rating with the main rating agency, and is able to deal with and settle claims within Australia, you can be sure of the safety and professionalism of your insurer.
A Professional Indemnity policy will protect you and your business should a claim be made against you for an alleged breach of your professional duties as an Architect. In certain instances, architectural companies are advised to take out Management Liability policies to protect the directors and officers of the company personally, and the company itself from the exposures and risks associated with the running of any type of business.
Architect Insurance specifically addresses the most common risks and needs faced by architecture and design professionals such as Professional Indemnity and Environmental Liability insurance. Let us help you with insurance cover for all the essential issues related to Architects including:
– Professional Indemnity Insurance to help protect you and your business against legal costs from claims and damages sustained by third parties arising from an omission, act, or breach of professional duty during the course of running your business.
– Automatic Reinstatement to automatically reinstate the value of the cover in the event that a claim exceeds the maximum amount insured.
– Run-off Cover to cover you after retirement or after leaving the profession for claims related to incidents that happened while you were operating as an architect.
– Costs Exclusive Excess that allows you to only pay the excess related to the settlement of a claim and no excess towards legal defence.
– Cost-Exclusive Limits pays all your defence costs even if the maximum amount of your indemnity is reached during a claim.
– Vicarious Liability Cover covers you for errors and omissions made by consultants, agents, contractors or subcontractors.
– Optional Project and Construction Management Cover covers you for incidents related to project management construction as well as design.
Types of Claims that Commonly Arise include:
– Breach of Contract claims for failure to provide professional services as set out in a contract
– Failure to comply with the required standards of reasonable care and skills
– Failure to operate under the provisions set out by the Trade Practices Act
Call us today for all your professional Architectural insurance requirements. As every case is different we are able to tailor a package specifically designed for your needs and customized to cover the specific exposures your business is faced with on a daily basis. For an obligation-free, competitive quote, professional insurance advice or more information on how we can help you find the right architect’s insurance solution, please contact one of our expert consultants today!