subject: Be Safe With Professional Indemnity Insurance For Architects [print this page] Professional indemnity insurance for architects is truly a boon. Architects design buildings, if there exists a design mistake resulting in a substandard building, the damages might be tremendous, possibly running into a lot of money. In the absence of insurance protection, the designer cannot afford to pay for such enormous claims. When architects are protected by such policy cover, they'll be able to function in a stress-free environment. Also the customers are more confident about assigning development work of the buildings with the confidence that should something go awry, their rights will undoubtedly be looked after by the insurance agencies. In addition, professional indemnity insurance for architects is also essential based on the laws of the United Kingdom.
Tips to Get the Ideal Indemnity Insurance
The Architects Act 1997 recommends that architects must have a minimum indemnity protection of 250,000. The actual level of indemnity depends on the nature and type of work architects implement. To determine how much is sufficient, one must look at the business circumstances and make a decision properly. It is best to get a specialist's advice to ascertain the indemnity limit. Reputed and reliable insurance plan agents help in assessing these requirement. One must take into account the following points while you are choosing the limit of indemnity insurance.
* Type of design work undertaken and the approximate budget of each project
* Total annual income of the firm
* Limit of the indemnity cover desired
* Amount of risk involved
* Parallel risks, if any
* Future implications
Advantages for Architects Covered Under Indemnity Insurance
A client with a mega project will think twice before handing over the work to an architect. Professional indemnity is one of the many aspects that clients evaluate before handing over a contract. Some of the advantages of getting indemnity cover for architects include the following.
* In case of any omission or mistake of the architect, the liability will be shouldered by the insurance company
* In case of any litigation, the court expenses are paid by the insurance company
* Having this insurance enhances the reputation of the architect because it indicates his or her concern for the clients. Such risk coverage is a sort of work guarantee that is often taken as a measure of the professionalism of an architect.
Professional indemnity insurance for architects is a boon for both the architects as well as for clients. While it provides professional safety for architects, it reassures clients about the responsibility of the architect. In case of failure of the building due to architectural errors, the burden on the architect is largely reduced. Clients also do not have to fight for compensation if the architect has protection.
by: Wayne Gorman
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