Insurance Flashcards
Commercial General Liability / General business insurance
Multi-peril business owner policy or commercial general liability insurance; protects against fire, theft, flood, etc. liability insurance covers accidents (occurrence based)
Business interruption insurance
Covers lost profits, continuing fixed expenses, unforeseen operating costs in event of fire, hurricane, etc.
Insurance types not required
Health, dental, disability, life insurance
Architects professional liability insurance
Covers the firms past and present employees and owners from claims and lawyers fees arising from suits for negligence/errors/omissions (E&O insurance)
doesnt cover gross negligence or anything above the standard of care, even if agreed upon before hand
claims-made not occurrence based
Business income insurance
Covers lost billable income
Standard of Care
what a reasonable prudent architect would do, in the same time and place, given the same or similar facts and circumstances
Builder’s Risk Insurance
Tail coverage
lower cost professional insurance policy for retired architects
Statute of Limitation
time after error is discovered to file a claim
Prior Acts Coverage
Used when changing insurance carriers to cover claims before coverage started
Statute of Repose
Time after substantial completion to file a claim
Three types of insurance always required
Professional Liability
Commercial General Liability
Workers Comp
