Professional Indemnity Insurance Lets Architects Design Safe Fortunes
Professional indemnity insurance for architects really is a boon. Architects design and style buildings, if there is a design flaw resulting in a poor quality building, the damages might be huge, sometimes amounting to thousands of pounds. In the absence of insurance protection, the architect can't afford to pay such huge claims. Once architects are protected by such protection, they are able to work in a stress-free environment. Even the customers are more convinced about giving design and development work of their structures with the reassurance that should anything go wrong, their requirements will be taken care of by the insurance companies. In addition, professional indemnity insurance for architects also happens to be required as per the legal guidelines of the UK.
Ways to Get the Most Beneficial Indemnity Insurance
The Architects Act 1997 recommends that architects need to have a minimum indemnity cover of £250,000. The actual amount of indemnity depends upon the nature and type of work architects execute. To determine exactly how much is sufficient, one should evaluate the business circumstances and take a decision as required. It is better to get a qualified professional's assistance to ascertain the indemnity limit. Reputed and trustworthy insurance cover brokers support in evaluating these kinds of requirement. You must go through the following facts when 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.
About the Author
Are you an architect? Please visit http://www.professionalindemnityinsuranceblog.co.uk to learn more about professional indemnity insurance and how you can protect yourself and your business.
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