Practice Management (PcM) Flashcards
Name a level of a Corporation.
Director, Officers, or Stakeholders
What are the levels of a corporation?
Stockholders
Directors
Officers
General Liability Insurance
Covers the physical property of the firm, usually has a limit to total claims
*Landlords can require
Professional Liability Insurance
Covers errors and omissions.
In detail, it covers the cost of mistakes made by the Architect, as well as disciplinary, regulatory, and administrative expenses.
*Also called “errors and omissions” insurance
Workers’ Compensation Insurance
Covers employees injury and illness, medical care, and lost wages.
Automobile Liability
Covers company vehicles and personal cars used for business purposes
Employers’ Liability
Covers employers if they get sued for causing a workplace injury (settlements, court costs, legal fees)
Name a format type for specifications
MasterFormat or Uniformat
Standard of Care
Expected quality of service for an architect by area. The standard of care often decides whether the architect is at fault when the Architect made an error or omission.
Name the older specification format that is more commonly used
Masterformat
Masterformat
classifies by material: concrete, masonry, metals, etc.
Uniformat
classifies by system: substructure, shell interiors, etc.
Name a newer specification format that is better for BIM
Uniformat
Employment Practice Liability Insurance
Insurance to protect from wrongful termination
Intellectual Property Insurance
Insurance to cover claims based on copyright/intellectual property infringement
The owner is responsible for…
- Pre-existing site conditions
- Paying Contractor
- Paying Owner’s consultants
- Change orders
- With or without cause hiring and firing of Architect
Name pre-existing site conditions
- geological
- hazardous materials
- surveying
Aggregate limit
Total coverage amount
Premium
Monthly/yearly bill
Deductible
Maximum paid by you, before coverage initiating and paying
Claim
You think you experienced a covered event and demand payment from the insurance company
Tail insurance
Covers the architect’s projects after the architect’s retirement
Name an insurance that is cheaper than the insurance carried by a practicing architect
Tail Insurance
Name two critical aspects of Tail Insurance
- Risks are more defined and limited for the insurer because of NO NEW Projects
- Includes projects within the relevant statutes of limitations.
What is the 1st part of filing an ethical complaint against an architect?
File the complaint through AIA National (National Ethica Council) within a year of the alleged violation (can be longer if there’s good cause for delay)