Attended a very informative class on Professional Liabilty exposure for Architects and Engineers.
Key Points:
1) Lawsuits & litigation will be brought about very aggressively, even for small amounts
2) E&O allegations against design professionals are on the rise
3) Professional Liability policies are often viewed as a “cost recovery assets” to offset cost overruns.
4) 50% of E&O claims are filed within one year of project completion.
These claims are coming in faster, are more aggressive, and invariably are filed on Architects and Engineers. Insurance companies are taking note of this trend and tightening up their policies and limiting their exposures.
Wouldn’t this be a good time to find our what your Professional Liability policy excludes?
Insurance companies can also help avoid these claims by contract review & consultation with Risk Managers.
Call the professionals at Commercial Global Insurance today at 281-930-1600. We know your business.
