Architects and Designers
We provide competitive quotations to Architects and other construction related professions. Quotations are all provided by leading specialist insurance companies.
Level of Indemnity required
The Architects Registration Board (ARB) rules require a minimum limit of indemnity of £250,000 for each and every claim. The cover must be written on a civil liability basis; i.e. it covers all civil liability not just negligence.
The marketplace for architects professional indemnity
In terms of premium value, architects professional indemnity is estimated to be worth in the region of £ 50 million of premium income to the insurance market. This is for the 'primary' insurance cover and a further £ 10 million comes from excess layer or 'top-up' cover. This is paid for by the 5,000 firms practising in the UK who generate £ 4 billion in fee revenue. The RIBA recommends that all of their members should take specialist advice on professional indemnity insurance and this recommendation is made for very good reason....
Buying a policy
Professional negligence claims against the profession are common and can be extremely costly, even when often the architect has done nothing wrong.
We have experience in working closely with firms to help them secure the best result in defending claims and then approaching insurers to explain the circumstances, so that we can negotiate the best possible premium and terms.
Create the right impression
The presentation of your business to insurers is more important than you may think. It will influence the prospective insurer's perception of your business and therefore if the information is badly represented this could influence both their judgement and the premium you pay. Quite simply they are considering the risks, that your business may pose.
Ensure that all of your information is clear and supply this to them with any brochures your provide and details of your website. It all goes to create the best impression of your business. Read our guidance on Risk Presentation.
The right level of insurance cover
Deciding on an adequate level of cover for your business is not an exact science and so we have put together a guidance note to help you in assessing the correct level of cover for your company. Please download a copy of our guide on the Limit of Indemnity.
How is the premium calculated?
The rating of an Architect or any professional indemnity risk is a complex process. Underwriters need to be highly skilled and require a significant amount of information to enable them to provide a quotation which accurately reflects the risk they are pricing. Premiums are calculated based on many factors which will include:
- The claims history
- The size of the practice
- Qualifications and experience
- Categories of work undertaken
- The number of partners or directors to staff ratios
- Firm’s fee income
To assess the risk the underwriter will require a fully completed proposal form which they will consider in detail. They will also look at the firms Website or they may even look deeper online into a firms background.
What work is considered high risk?
All the professional work carries some risk and for architects this can vary considerably dependent om the area you work in. The list below gives an indication of where the majority of professional indemnity claims come from in your profession:
Low risk - town planning, feasibility studies, interior design.
Medium Risk - architectural design
High Risk - new build architectural work, project management, material specification
Buying online is quick and simple with our quote and buy engine that offers cover ONLY from A rated insurers. Some architects will be able to obtain very competitive quotations using our on line system. This typically works well for low risk architects with no previous claims.
We have a wealth of experience in arranging professional indemnity insurance for Architects and Designers. With over 30 years' market experience we have the level of understanding necessary to represent your firm professionally and confidentially in discussions and negotiations with insurers. Many architects rely on us to arrange robust PI insurance companies to protect their business and their hard earned reputations. We only use A rated insurance companies to deliver long term insurance and stability and reliability,as well as value.
Finally, we are independent and not tied to to any schemes or insurers, so you can be sure that any advice is impartial. We are experts and we promised we won't hound you with calls from pushy sales people.