Professional indemnity Insurance is truly a boon for architects. When architects are insured by this kind of protection, they could work in a stress-free atmosphere. Even the customers are more confident about assigning design function of the buildings with the assurance that should something go wrong, their interests will be taken care of by the insurance companies. To discover how much is sufficient, one needs to assess the company scenario and have a decision accordingly. It is much better to get a professional’s guidance to ascertain the indemnity limit. An individual must take into consideration these facts while determining the limit of indemnity insurance.
- Form of design work undertaken and the approximate budget of each project
- Total Yearly income of the company
- Limit of this indemnity cover desired
- Number of risk involved
- Parallel dangers, if any
- Future implications
A customer with a mega project will think twice before handing over the job to an architect. Professional indemnity is just one of the numerous facets that customers evaluate before handing over a contract. This sort of insurance generally protects your skills and career. There are a number of clients who’d made use of your livelihood and your abilities for their benefit. It insures professionals for legal costs which may arise when a customer files a lawsuit against him. The professional indemnity insurance singapore cost also has the potential compensation needed in case he loses the lawsuit.
Professional indemnity Insurance for architects is a blessing for both the architects as well as for customers. While it offers professional security for architects, it reassures customers about the duty of the architect. In the event of failure of the construction as a result of architectural mistakes, the burden on the architect is largely reduced. It is probably that you have other insurance policy – life insurance, accident insurance, automobile insurance, etc. If this is the case, you might pack your professional indemnity insurance with these and benefit from a lower premium. It will be like a package deal, which encompasses all of your insurance requirements. This may also give you the extra advantage of simplifying your insurance transactions because you are dealing only with a single person or provider. Clients also do not need to fight for reimbursement when the architect has security.