Professional Indemnity Insurance For Architects

Features of Professional Indemnity Insurance for Architects

Professional Indemnity Insurance comes with several features. They are as follows:

• Provides financial protection from lawsuits filed against the architects.
• Assurance to the clients in case of any discrepancy arises in the service provided by the architect.
• PI Insurance enhances the brand image as well as the goodwill of the architect.
• Architects can run their business smoothly with PI insurance in effect.
• Architects can get more tenders as some of the contractors and government authorities as for professional indemnity insurance before giving the tender.
• PI insurance for architects increases credibility as the client does not have to worry about suffering any unforeseen loss and gets coverage for it.

Professional Indemnity Insurance for Architects: Inclusions

Professional indemnity insurance provides coverage for the following:

• In case of loss or damage caused to the client due to negligence.
• In case of loss of client’s data or documents. 
• Coverage for claim investigation expense.
• Coverage for defamation and libel. 
• In case there is a financial loss caused to the client.
• Coverage for unintentional breach of confidentiality.

Professional Indemnity Insurance for Architects: Exclusions

Professional indemnity insurance does not provide coverage for the following:

• In case the insured intentionally harms the client and causes financial loss or slander, the insurer will not provide coverage for it.
• The insurance plan does not provide coverage for any illegal acts and lawsuits filed against architects for getting involved in any illegal activity causing loss to the clients.
• In case of any regular accident that is not a part of your work or has not happened in your workplace will not be covered. (For this you can purchase general liability insurance).
• Any loss or damage caused due to a terrorist attack will not be covered.
• Any kind of contractual liability between the architect and third party will not be covered under the insurance plan.
• The PI for architects does not cover the dispute between the architect and his/her employee.

How to Raise Claim Under Professional Indemnity Insurance Policy?

In order to raise a claim online, follow the steps given below:

• Intimate With Your Insurer: In order to raise a claim, you have to inform the insurance company about the incident.
• Keep Required Documents Ready: Once you get in touch with the insurer, they will ask you to submit several documents to begin the claiming process.
• Fill In Claim Form: Ask the insurance company for the claim form. Fill it up and submit it along with the required documents as asked by the insurer.
• Give Information To Inspector: Once you have submitted the claim form, the insurer will send someone to inspect the authenticity of the claim raised. Make sure to tell them everything they want to know best to your knowledge.
• Compensation: Once the inspector is satisfied with the raised claim, the insurance company will initiate the compensation. 

How to Renew Professional Indemnity Insurance Policy?

It is important to renew this indemnity insurance policy on time to stay secured. Follow the steps below to renew the professional indemnity insurance policy online.

• Step 1: Go on to the official website of the insurance company.
• Step 2: Fill in the insurance policy number to access your account.
• Step 3: Once you enter your profile, locate the renew button and click on it.
• Step 4: You can also add or remove any add-on as per your requirement as well.
• Step 5: The addition or removal of any add-on will increase and decrease the premium amount for the consecutive year accordingly.
• Step 6: Once you are done, you can make the payment using your debit/credit cards, UPI or net banking.
• Step 7: Once the payment is complete, you will get a receipt and the insurer will send you the soft copy of the updated insurance policy online and a hard copy to your registered address.

Note* In order to stay covered under the professional indemnity insurance for architects, make sure to renew the policy on time. if you miss renewing your insurance policy the insurer will deny providing any kind of coverage.