Risk Reduction Recommendations for Architects, Engineers, and Construction Firms

Each year, one in five design firms has a claim filed against them. These claims can be costly – not just in terms of money, but in terms of the time and resources it takes to address them.

That’s why it’s so important for architects, engineers, and design and construction firms to know where their risks are and take steps to reduce them.

Tim Corbett from SmartRisk, a top ten risk management consulting firm, presents an A&E On-Demand Webinar covering some of the most common root causes of claims, and steps contractors can take to avoid them.

Webinar - Major Causes of A&E Claims – Risk Assessment Results

 Some of the risk reduction topics covered in this webinar include: 

• Choosing the right clients and projects
• Avoiding unfavorable contract language
• Following best practices for project communication and documentation
• Staff experience, expectations, and performance indicators

SmartRisk Pro5 Risk Assessment

Using data from over 30,000 claims approaching $1 billion in claims assessments, SmartRisk has developed a comprehensive risk assessment for architects and engineers that looks at five key operational categories, including experience and staffing, project communications and documentation, and contracts. These assessments, along with SmartRisk’s expertise in best practices for risk management, help them create individual risk profiles and recommendations for reducing risk.

Benefits to Admiral Insureds

Only about 10 percent of A&E firms have fully integrated risk management into their operations in alignment with their business practices. These firms have seen a 10 to 15 percent increase in profits over firms that haven’t.

As part of our AdmiralPro Delta® Design coverage, we provide all policyholders with free Risk Management and loss Control Support from  SmartRisk®, a leading, independent risk performance consultancy for design professionals.  The benefits of following SmartRisk recommendations include:

• Improved performance
• Higher profitability
• Greater client satisfaction
• Fewer legal problems and claims
• Lower insurance costs

Admiral’s Architects and Engineers Pro Delta® Program is focused on professional liability coverage for design professionals in all disciplines, including geotechnical and structural engineering and construction management.

We offer flexible solutions that include a combination of Professional Liability, Pollution, Technology, and Privacy Breach coverages. Our primary policy form features a broad definition of professional services, flexible deductibles, multi-year extended reporting period options, and the capability to include project-specific excess limits.  We also write standalone project-specific, follow-form excess, and project-specific excess policies.  Our Insureds have access to complimentary risk management services, including contract review and loss prevention assistance, to help our brokers and their clients reduce risk and maximize profit.

If you are a retail insurance broker, locate an Admiral wholesale partner. If you are a wholesaler, contact us about becoming a premier partner.