Insurance Flashcards
List the Four REQUIRED insurance’s carried by Architect under AIA B101
- Professional Liability Ins
- General Liability Ins
- Automobile Ins
- Worker’s Compensation
Professional Liability Insurance
- Covers errors and omissions, negligence
- “Claims Made” - requires that both the incident and claim happened during period of policy
- “Occurrence” - requires the incident occurs during period of policy regardless of when claim was made
General liability insurance
Claims
- PROPERTY damage
- PERSONAL injury
Automobile
For vehicles owned and used by the business
can be covered under umbrella of General liability
Workers Compensation
-Protects employees in event of injury caused by work related activity
List the four types of insurance RECOMMENDED by AIA B101 Contract but are frequently carried by architects
- Property Insurance
- Personal Injury Protection
- Project Insurance
- Electronic Data Coverage
Property Insurance
Protects the contents of the office
Personal Injury Protection
Protects Architects against the charges of “slander and torts” (civil wrongs, injury, or harm caused by ommission)
Project Insurance
- Large projects
- Increase substantial for large claims
Electronic Data Coverage
Not typically insured and must be purchased specifically.
List the Insurance required by the OWNER
Per AIA A201
- General Liability Insurance
- Property Insurance for the full insurable value of the work
Property Insurance for the full insurable value of the work
- Reasonable compensation for the Architect and contractor
- Must be ALL RISK insurance
- Covers all losses and damages, except: acts of war, act of terrorism, nuclear hazard,
fraud, employee theft, mold, and asbestos.
List Insurance required of the CONTRACTOR
- General Liability Insurance
- Workers Compensation
- Contractual Liability Insurance
