Architects’, engineers’ and designers’ liability insurance
Architecture and design have always been close to masterpiece art. However even the most daring architect’s ideas shall be based on accurate mathematical formulas. Unfortunately, none of us is safe against errors including professional mistakes. To avoid your perfect reputation being undermined by an occasional miscalculation and still leave the client pleased with the result you are offered to purchase an Ingosstrakh architects, engineers and designers’ liability insurance policy.
Our policy covers the following risks:
Mistakes, including arithmetical mistakes when drafting plans, specifications and project documentation;
Mistakes in author’s supervision of construction operations;
Incorrect choice of design load, design rules and standards;
Mistakes and negligence in the use of design and engineering research rules (standards).
Insurance period:
One year with subsequent prolongation, in which case the insurance protection applies to all the complete projects as of the conclusion of the first insurance agreement;
Failure to accomplish operations under the project (if required by the customer or the project is non-typical for you), in which case the insurance compensation applies to the whole period of preparation of design and project documents, construction and a certain period for claim submission (usually 1 to 3 years) upon the completion of all the operations.
Insurance compensation includes:
Compensation of damage to third parties’ life and health and damage caused to third parties’ property interests (including the customer);
Expenses associated with the preliminary establishment of insurance events’ circumstances and the extent of the Insured person’s guilt, as well as extrajudicial protection of the Insured person’s interests in the event of such claims being filed against him including expenses for experts’ services;
Costs associated with the court and legal proceedings on the presumptive insurance events, including lawyer’s fees;
Expenses associated with the rescue of property of persons suffering damage as a result of an insurance event or reducing damage caused by an insurance event.
Insurance terms:
Ingosstrakh Insurance Company represents your interests throughout the claim examination process. Legal defense can be provided either by Ingosstrakh lawyers or independent lawyers, whose services are also paid by Ingosstrakh.
Concluding an insurance agreement with Ingosstrakh you determine the limit of liability - the maximum insurance compensation amount to be paid by Ingosstrakh in insurance events. If you are not sure as to which limit to choose our specialists will give you recommendations.
The average insurance premium amounts to 0.25% - 2.5% of the selected liability limit and depends on such factors as types of architect and design activities, types of designed objects, company working experience, etc.
Our Contacts
If you have any questions or need additional information, please contact:
Financial and professional risks insurance department
