2.1.9 Risk Management and Professional Liability

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Which of the following is a key step in risk management?

Assumption of the risk

Mitigation of potential impacts

Identification of potential risks (correct)

Assessment of the degree of risk

What is the purpose of professional liability insurance?

To provide financial protection against errors and omissions (correct)

To ensure compliance with provincial regulations

To limit liabilities for architectural practices

To eliminate all risks in an architect's practice

When should an architect consider obtaining professional liability insurance?

Only when setting up a practice

During the life of the practice

At any stage of their career (correct)

After retirement

What is a key aspect of risk management?

Considering potential ramifications (A) Signup and view all the answers

Which conflict management strategy seeks to avoid the costly and lengthy process of litigation?

Partnering (C) Signup and view all the answers

What is the primary objective of partnering?

To achieve agreed-upon collective goals (C) Signup and view all the answers

What role does a mediator play in dispute resolution?

Facilitating negotiations between parties (C) Signup and view all the answers

What is required for an arbitrator to make a final and binding determination?

Knowledge of the law and statutory procedures (C) Signup and view all the answers

According to the text, what should architects do to reduce the risk of late payment or non-payment of invoices?

Include a statement of interest on overdue accounts (D) Signup and view all the answers

What is the purpose of obtaining a retainer at the execution of the contract?

To apply against the final invoice (D) Signup and view all the answers

Why is it important for architects to establish a retrieval system for records?

To mount a defense against a claim (A) Signup and view all the answers

What should architects do if the documentation is not copied onto paper?

Obtain electronic media that will endure (B) Signup and view all the answers

According to the text, what action should be taken if a client does not make payment for services?

Initiate legal action (B) Signup and view all the answers

According to the text, what should an architect do when considering whether to pursue a project opportunity?

Consider the risks involved (A) Signup and view all the answers

According to the text, what is the main function of a GO NO-GO checklist?

To assess the degree of risk in a project (B) Signup and view all the answers

According to the text, what should an architect do if legal action has been threatened for non-payment of an invoice?

Prepare a defence against counter-claims (C) Signup and view all the answers

According to the text, professional liability insurance provides protection from claims and is intended to cover liabilities. What does a professional liability insurance policy typically have that may void coverage for certain activities?

Exclusion clauses (B) Signup and view all the answers

What should architects do if they believe that a claim might be made?

Notify the insurer at the first indication of the likelihood of a claim and follow the insurer’s advice (A) Signup and view all the answers

What is the purpose of excess insurance coverage for a specific project?

To provide additional coverage over and above the basic level of protection required by the regulations or legislation (A) Signup and view all the answers

What is the purpose of Alternative Dispute Resolution (ADR) in the context of a dispute?

To provide alternative methods of resolving disputes outside of the traditional court system (C) Signup and view all the answers

According to the text, who is usually engaged to manage and coordinate the work of the main engineering sub-consultants?

The architect (D) Signup and view all the answers

What is the importance of team chemistry mentioned in the text?

It affects the success of a project (B) Signup and view all the answers

Which main engineering sub-consultants are mentioned in the text?

Structural, mechanical, and electrical engineers (C) Signup and view all the answers

According to the text, what may be saved by using the same consultants on a continuing basis?

The architect's billable time (A) Signup and view all the answers

What is the purpose of the checklist mentioned in the text?

To recognize the importance of team chemistry (C) Signup and view all the answers

True or false: The architect is responsible for directly engaging the main engineering sub-consultants (structural, mechanical, and electrical engineers).

False (B) Signup and view all the answers

True or false: The success of a project often depends on the ability of all team members to work well together, known as team chemistry.

True (A) Signup and view all the answers

True or false: Using the same consultants on a continuing basis may save the architect time, money, aggravation, and billable time.

True (A) Signup and view all the answers

True or false: Professional liability insurance provides protection from claims and is intended to cover liabilities, without any limitations or exclusions.

False (B) Signup and view all the answers

True or false: The architect should consider obtaining professional liability insurance after the completion of a project.

False (B) Signup and view all the answers

2.1.9 Risk Management and Professional Liability

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Questions and Answers

Which of the following is a key step in risk management?

What is the purpose of professional liability insurance?

When should an architect consider obtaining professional liability insurance?

What is a key aspect of risk management?

Which conflict management strategy seeks to avoid the costly and lengthy process of litigation?

What is the primary objective of partnering?

What role does a mediator play in dispute resolution?

What is required for an arbitrator to make a final and binding determination?

According to the text, what should architects do to reduce the risk of late payment or non-payment of invoices?

What is the purpose of obtaining a retainer at the execution of the contract?

Why is it important for architects to establish a retrieval system for records?

What should architects do if the documentation is not copied onto paper?

According to the text, what action should be taken if a client does not make payment for services?

According to the text, what should an architect do when considering whether to pursue a project opportunity?

According to the text, what is the main function of a GO NO-GO checklist?

According to the text, what should an architect do if legal action has been threatened for non-payment of an invoice?

According to the text, professional liability insurance provides protection from claims and is intended to cover liabilities. What does a professional liability insurance policy typically have that may void coverage for certain activities?

What should architects do if they believe that a claim might be made?

What is the purpose of excess insurance coverage for a specific project?

What is the purpose of Alternative Dispute Resolution (ADR) in the context of a dispute?

According to the text, who is usually engaged to manage and coordinate the work of the main engineering sub-consultants?

What is the importance of team chemistry mentioned in the text?

Which main engineering sub-consultants are mentioned in the text?

According to the text, what may be saved by using the same consultants on a continuing basis?

What is the purpose of the checklist mentioned in the text?

True or false: The architect is responsible for directly engaging the main engineering sub-consultants (structural, mechanical, and electrical engineers).

True or false: The success of a project often depends on the ability of all team members to work well together, known as team chemistry.

True or false: Using the same consultants on a continuing basis may save the architect time, money, aggravation, and billable time.

True or false: Professional liability insurance provides protection from claims and is intended to cover liabilities, without any limitations or exclusions.

True or false: The architect should consider obtaining professional liability insurance after the completion of a project.

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