Architects, engineers, environmental consultants, and construction firms face a multitude of risks every time they take on a new project. And if something goes wrong, a claim of alleged negligence can be devastating.
With a whopping 20 claims per 100 accounts, professional liability insurance is a must – and so is a strong risk management program.
Tim Corbett from SmartRisk, a top ten risk management consulting firm, presents an A&E On-Demand Webinar discussing the biggest reasons why design and construction projects fail, and offers tips for preventing problems that could lead to insurance claims, including:
● Setting clear expectations
● Working as a team
● Managing changes to the project scope
● Maintaining a strict quality control process
● Developing a thorough risk management plan
Webinar - Top 10 Reasons Why Design and Construction Projects Fail
The better brokers and underwriters understand the risks associated with design and construction projects; the easier it is to deliver a professional liability insurance solution tailored to the client’s needs. But this is about more than just creating a more accurate risk assessment to avoid premium leakage – it’s also a tool that can be shared with clients to help them develop a more comprehensive risk management plan and avoid potential liability claims.
In addition to the top 10 issues that lead to claims against design and construction firms, it is important to recognize that in conjunction with standards of care, there are additional challenges that firms must consider when developing project proposals and conducting risk assessments. These include:
● Staffing and subcontractor issues
● Supply chain issues
● Rising construction costs
● Unpredictable weather events
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.