Throughout our history, we have established a reputation for delivering honest, consistent and informed advice. We are also known for developing exclusive PI insurance facilities – tailored solutions, with bespoke policy wordings and claims handling protocols, that are designed to safeguard our clients’ interests and support their future growth.
Rather than relying upon the vagaries of the insurance market or regarding PI insurance as a commodity purchase, most Architectural firms are now looking to secure longer-term support from quality insurers with a genuine understanding of professional risk and the Architectural profession. They want to achieve realistic premiums reflecting the risk profile of their individual practice, a specification of cover that supports their business objectives and greater certainty in the event of claims arising. Against a background of increasing risk and tighter margins, the benefits of a carefully tailored insurance programme and the importance of effective risk management support are becoming increasingly clear, and it is this holistic approach that provides the foundation to our Architects’ PI insurance facilities.
We know the importance our clients place on having a trusted adviser and that’s why we build long-term personal relationships through dedicated client teams.
Why do Architects need Professional Indemnity insurance?
If you are an individual Architect or a firm of Architects providing a service or offering advice for a fee, or even gratuitously, you are likely to need Professional Indemnity Insurance.
Your clients are relying upon your expertise, knowledge, competence, and good judgment and irrespective of the size of the project you specialise in, from small residential to large, complex developments, there will be potential for professional liability exposure. As a construction professional providing advice, design, specification etc., you owe a duty of care to your client and certain third parties and where you are alleged to have breached that duty, you could end up facing a claim.
The cover provided under Professional Indemnity Insurance is primarily designed to protect you in those circumstances and even where you have done nothing wrong, the financial and reputational consequences can be significant.
What does PI insurance cover?
Professional Indemnity insurance protects you and your business in the event of claimants suggesting they have suffered loss as a result of non-performance, breach of contract and/or professional negligence in the services provided. The insurance should also cover legal and other costs and expenses incurred in the defence of any claim.
Claims come in all shapes and sizes, from minor nuisance matters to catastrophic failures, but they can include claims relating to physical damage, consequential loss, personal injury or disputes around intellectual property etc. The key point is that the policy should respond to claims arising from the provision of professional services.
Why choose Griffiths & Armour?
We pride ourselves on adopting a unique approach to serving our clients’ interests and our clients seem to value that too. The knowledge gained from looking after 3,000+ consultancy firms allows us to design reliable cover that meets our clients’ evolving needs. We invest considerable time working with individual firms on risk awareness – continually looking at how we communicate our messages on risk management.
Advocating on your behalf
We have always believed that we can achieve much more when working in tandem with professional bodies in the areas of education, lobbying and effectively communicating important risk management messages . Of equal importance is the drive to improve the legal and commercial trading environment.
We care about the issues that affect our clients and engage with Government, major procurement bodies and regulators such as the Architect’s Registration Board (ARB). These engagements are further evidence of how our work at all levels is helping to support the interests of our individual clients.
Our people
Our people are highly skilled and dedicated to always putting your interests first.
Brokers are encouraged and expected to build lasting relationships with their Engineering clients. They can expect their broker to handle the Professional Indemnity renewal process from the initial information gathering exercise , to securing terms from the insurance market , to presentation of terms and post-renewal support .
That process is characterised by engagement throughout the ‘insurance year’. Whether we are providing contract review advice, offering claims management services , discussing our latest risk management material or providing general day-to-day insurance advice ; our experienced team , which includes brokers, risk managers and in-house claims specialists , support and respond to our clients on insurance or risk management questions or concerns.
Claims support
We have an in-house claims team who support our clients from initial notification, to post-settlement ‘lessons to be learned ’. Our clients have access to legal and technical advice through our long-standing relationship with a panel of solicitors and experts, each of whom have signed up to our claims handling protocols. This also includes providing our professional services clients with legal advice and support, 24/7 , when it’s needed most via a Legal Helpline.
Our insurance market profile
Over many years , we have developed excellent relationships with most insurers underwriting Professional Indemnity insurance. Given the ‘long-tail’ associated with this class of insurance and the notoriously volatile nature of claims, we foster those relationships mindful that their continuity and sustainability are vitally important.
Our standing with insurers also enables us to establish facilities that are unique to Griffiths & Armour.
How much does PI Insurance cost for Architects?
The cost of PI Insurance will depend upon a range of factors such as the sector you are operating in, your risk profile and the limit of indemnity (amount of cover) you choose to purchase. Generally, Insurers will use your professional fees as the basis for premium calculation and it is important that you provide them with a clear overview of your firm.
At Griffiths & Armour we work closely with our clients; helping them to identify any particular risks their business presents, constructing a narrative around why those risks have been identified and explaining to insurers how they have been understood and mitigated.
FAQs
Here are the answers to some frequently asked concerns regarding Architects’ professional indemnity insurance, as well as other popular coverage, whether you’re new to obtaining business insurance or have been in the company for a while.
Whilst care has been taken in the production of this article and the information contained within it has been obtained from sources that Griffiths & Armour, an Aon company, believes to be reliable, Griffiths & Armour, an Aon company does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any purpose of the article or any part of it and can accept no liability for any loss incurred in any way whatsoever by any person who may rely on it. In any case any recipient shall be entirely responsible for the use to which it puts this article.This article has been compiled using information available to us up to 31 May 2024
