PCM 1007-1021 hard

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By SwiftParadise

Quiz

Flashcards

43 Questions

What is the focus of the article by Ann Casso and Fredric Schultz?

What are modern-day design professionals expected to do?

What does the quote 'When you stare into the abyss, the abyss stares back at you' refer to?

Who authored the white paper 'A Sustainable Standard Of Care' mentioned in the text?

What type of information does the database provide about each insurer?

What organizations participate in the Annual Professional Liability Insurance Survey with the AIA?

Why are carriers reluctant to disclose certain information in the annual survey?

What does tail insurance address?

What is the purpose of 'tail' coverage for retired architects?

What is one reason why some firms decide not to purchase professional liability insurance?

What is the unique coverage trigger for professional liability insurance for architects?

What is a retroactive date in professional liability insurance?

What is the purpose of deductibles in insurance?

What do endorsements and exclusions do in an insurance policy?

What does hold harmless or indemnification entail?

What are surplus lines insurers known for?

What is a retroactive date intended for in professional liability insurance?

What does a deductible do in an insurance policy?

What is an endorsement in an insurance policy?

What does hold harmless or indemnification mean in insurance terms?

Why are surplus lines insurers used?

How does a retroactive date affect professional liability coverage?

What are some risks architects face?

What can negligence claims result in?

Why do innovative projects and technologies require a redefinition of the standard of care?

What can expose architects to breach of fiduciary duty lawsuits?

What do architects need to protect their property and intellectual property from?

What do insurance policies provide coverage for?

Why is understanding professional liability insurance terminology crucial?

When do claims-made policies for professional liability insurance require reporting a claim?

What is the definition of a 'claim' in the context of insurance?

What is 'claim expense' in the context of insurance?

What does tail insurance provide for architects upon retirement or withdrawal from practice?

Under what condition may an architect retiring from a firm purchase an extension to the firm's policy?

In some states, what do admitted carriers have to provide retirees with, at an extra cost?

What does Professional Liability Insurance (PLI) protect architects against?

Why do firms maintain coverage of Professional Liability Insurance (PLI)?

According to the AIA Trust survey, what are the top considerations when selecting Professional Liability Insurance (PLI)?

When evaluating PLI, what should be considered about the insurance carrier?

How many professional liability insurers serve architects in the US?

What does the selection process for PLI include?

Why is stability of the insurance carrier crucial when evaluating PLI?

Why are claims handling services essential when choosing PLI?

Summary

  • Tail insurance offers protection for architects upon retirement or withdrawal from practice, covering prior acts even if claims are made after retirement.
  • An architect retiring from a firm may purchase an extension to the firm's policy, typically available if the architect has been insured for a minimum number of years with the insurer.
  • Some states require admitted carriers to provide retirees with tail coverage at an extra cost.
  • Professional liability insurance (PLI) protects architects against financial losses due to errors or negligence in the performance of professional duties.
  • Firms may not purchase PLI due to costs, but maintaining coverage ensures business survival, continuing operations during lawsuits, and fulfilling contract requirements.
  • AIA Trust survey reveals top considerations when selecting PLI: a carrier's reputation for fair settlements, understanding coverage options, claims service, specific knowledge of AE professions, experience, and outstanding customer service.
  • When evaluating PLI, consider the carrier's reputation, stability, claims handling process, access to specialized expertise, and customer service.
  • Over 50 professional liability insurers serve architects in the US; consult the AIA Trust Database for information on top insurers in the AE marketplace.
  • The selection process for PLI includes assessing a firm's exposures, reviewing policy forms and endorsements, and conducting a cost-benefit analysis for additional coverage options.
  • Stability of the insurance carrier is crucial; consider the carrier's reputation, size, rating, and years in the AE business.
  • Claims handling services are essential; look for carriers with specialized knowledge and expertise in architectural practice, effective defense counsel, and excellent customer service.
  • AIA Trust Database provides valuable information on the top insurers in the AE marketplace, helping architects make informed decisions.

Description

Learn about the unique coverage triggers of professional liability insurance for architects, and how they differ from general liability or automobile liability coverage. Understand the specific nuances that apply to claims and coverage timelines.

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