When a surety has to take over a project from a defaulting contractor, the surety completes the work under the bonded contract and is entitled to the remainder of the contract cost. Often, the cost of completion exceeds the available payments and the surety looks to sources of cost recovery. In virtually every state, courts recognize […]
Business Coverage / Professional Liability Articles
Increasingly, all project stakeholders will be challenged by the blending of design services related to the construction of a project. Projects on which the design is delegated to or assigned through those responsible for actual construction blur the lines of responsibility and confuse the ability to copyright information and designs as well as the responsibility […]
There are many reasons for an architectural firm to purchase professional liability insurance including business survival and contract requirements among others. There are also many considerations when selecting this insurance for your firm. In evaluating all pertinent considerations, it is important to be aware of current trends within the professional liability insurance market.
Project delivery systems that select designers and contractors on the basis of qualifications and facilitate communication during design and construction should reduce claims against professional liability policies. When shared risks and rewards are added to the procedure for putting capital assets into place, the contractual arrangements could reduce the likelihood of fault based on negligent […]
Many professional service firms seem to think that health and safety rules are requirements for contractors and others performing construction work. Firms often are surprised or confused when a potential client requires that they submit their health and safety plans as a contractual requirement.
Every year, the Internal Revenue Service announces the contribution limits for retirement plans, including 401(k) plans. As you review your finances, it is important to consider your retirement plan contributions, too.
There are numerous insurance safeguards for public protection. For example, if you drive a car, more than likely you’re required to get automobile insurance. If you mortgage your home, the lender may require you to have homeowner’s insurance. If you rent an apartment, you may be obligated to get renters insurance. However, there is no […]
When you’re a subscriber, the experts at LegaLine—AIA Trust’s unique legal information service available only to AIA Members and their firms—help you prevent costly and destructive problems for little more than a dollar a day. LegaLine provides information via telephone to help negotiate and interpret contracts, manage risks and prevent lawsuits, improve client communication, resolve […]
Liberty Mutual offers a Claims App that makes starting an auto or home claim easy. The goal of the new Mobile Claims App is simplicity and convenience. While accidents can be overwhelming, the claims process can now be made easier. The new app is available to all Liberty Mutual Insurance customers to provide quality auto […]
Brand new member resource now available! The AIA Trust has designed a professional liability insurance database on its website, now launched in a beta testing phase. Visit the database and explore the information on major insurers, as well as articles with insights about selecting insurance and brokers, tips on completing application forms and a glossary of […]