Professional indemnity insurance for architects in Miami is really a boon. Architects design buildings and if there is a design flaw resulting in a defective building, the damages can be enormous, running into thousands of pounds. In the absence of insurance protection, the architect cannot afford to pay such huge claims. When architects are covered by such protection, they can work in a stress-free environment. Even the clients are more confident about assigning design work of their buildings with the assurance that should something go wrong, their interests will be taken care of by the insurance companies. Besides, professional indemnity insurance for architects is also required by the laws of the United Kingdom.
Getting the Best Indemnity Insurance
The Architects Act 1997 prescribes that architects should have a minimum indemnity cover of £250,000. The actual level of indemnity depends on the nature and type of work architects undertake. To find out how much is adequate, one has to evaluate the business scenario and take a decision accordingly. It is better to get a professional’s advice to determine the indemnity limit. Reputed and reliable insurance brokers help in assessing these requirements. One must take into account the following facts while deciding 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.