■Do they offer project insurance? Design-build insurance? ■How flexible is the company in working with a changing firm? ■How broad is the company’s history in working with architects? ■What exactly is covered? And what is excluded? Beyond price, a number of other factors should be considered. Understand how much of the premium is going to the broker if applicable. In selecting a policy, price is of course a consideration. Independent insurance consultants that don’t sell policies can also provide guidance. Whether architects use a broker or an exclusive agent, care should be taken in selecting a policy - as they contain various options. There are also insurance companies represented by agents only affiliated with that company exclusively. Professional liability insurance is most commonly purchased through an independent broker, representing the interests of the architect, not those of the insurance company. A young firm can go bankrupt just trying to get an unfair claim dismissed in court. It can seem too expensive for the potential benefit, but it’s critical to know that it can cover legal costs in the event of a claim. Emerging firms sometimes go without insurance because either it appears there is little risk or because their assets are limited and they don’t have a lot to lose.
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