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We’ve enjoyed lots of engagement here on the blog lately and one subject that consistently triggers a response from readers is Professional Liability Insurance; what it is, why we need it and if we need it as sole proprietors and owners of small architecture firms.
In this episode of The Entrepreneur Architect Podcast, I interview Frank D. Musica.
Frank is trained as an architect, practiced in Chicago, has earned a Masters of Business Administration and a law degree. Today he is the Senior Risk Management Attorney at Victor O. Schinnerer & Co. Who better to answer all our questions and concerns about this critical and often misunderstood subject, than the man who is in charge of doing just that for at the largest provider of insurance to the architecture profession?
I hope you find this episode very informative. If you have any additional questions regarding professional liability insurance, please send me an email or contact Frank directly. His contact information is listed below with many other useful resources.
If you like what you hear, please take a minute or two to leave a review of The Entrepreneur Architect Podcast over at iTunes. Your review will help other Entrepreneur Architects find the podcast. Together we will make a difference and be an influential force in the profession.
Topics and People Referenced in This Episode
Frank D. MusicaProfessional liability insurance for architectsVic SchinnererVictor O. Schinnerer & Co., Inc.History of professional liability insurance for architectsAIA TrustAmerican Institute of Architects (AIA)Insurance requirements for small firmsReasons why architects should buy professional liability insuranceHow professional liability insurance differs from other insurancesOther benefits resulting from holding professional liability insuranceDo AIA Contract Documents require professional liability insurance?Pre-claims assistance from insurance company with no additional cost to architectOwner/Architect Contract review assistanceRegional and project type effects on insurance ratesTypes of liability claims on architects“Claims Made” insurance coverageLimits on claims based on when work was completed“Prior Acts” coverageAsbestos insurance coverage exampleCNA as underwriter to Victor O. Schinnerer & Co, Inc.Exclusions to insurance policy coverageReasons for new firms to obtain coverage immediatelyDifference between insurance brokers and insurance agentsImportance of choosing the right insurance brokerOther types of insurance policies recommended for small firmsLimits of homeowners insurance policies on home-based business claimsTechnology insurance coverage (crashed servers, CAD/BIM file failures, file transfers, viruses, data theft)Cost of professional liability insuranceFactors effecting cost of professional liability insuranceWhy corporations and LLCs do not protect architects’ from professional liabilityLimited liability and waiver provisions to include in your Owner/Architect Agreement to protect from claims
Resources from This Episode
Professional Liability Insurer Database
Contact Frank with additional questions or just to say “thank you”
Additional Resources
The Risk Management Podcast
Did You Get The Owner’s Manual for Your Practice? (AIA Convention 2013 Seminar)
Leading A Practice: Making the Transition to Running Your Own Firm (AIA Convention 2013 Seminar)
The post EA005: Professional Liability Insurance with Frank D. Musica of Victor O. Schinnerer & Co., Inc. [Podcast] appeared first on EntreArchitect // Small Firm Entrepreneur Architects.
Mentioned in this episode:
Emerging
DATM