Architects & Engineers Professional liability protects the architect or engineer against claims for damages caused by the firm's negligent acts, errors or omissions. The policy covers claims for bodily injury, property damage or economic losses. The policy provides a defense for the design firm against allegations of negligence, and it could pay for damages as well.
The cost of the policy depends on several factors such as:
• Where the insured is located
• Type of work the insured does (i.e. Structural, bridges, interior/exterior)
• Insured's claim history
• Whether the insured currently has coverage
• Insured's specific operation
• Insured's coverage limit