AE Blog - Design Professionals Insurance Policy

There are many coverage’s provided under the business owners policy designed for the A/E insured. Here are just a few.

• Valuable papers coverage: Usually the limit is around $100,000 but can be increased. This coverage protects the value of the insured’s time. This covers the cost to re-create architectural and engineering drawings, sketches, specs & blueprints if they are destroyed or damaged by a covered loss. Most of the time earthquake and flood are covered perils.
• Fine arts-why fine arts?: The description of fine arts has been changed on some A/E policies to include architectural models. This coverage is provided anywhere in the covered territory. A stated value must be provided. Coverage starts at $25,000 with no additional cost but can be increased.
• Contractor’s equipment: Engineers and surveyors have lots of equipment. With the cost of GPS equipment and surveying equipment it is important to have these items scheduled on your business owner’s policy. Some carriers provide replacement cost coverage regardless of age. Coverage also includes data that is stored on the equipment. Carriers also provide coverage for property of others in the insured’s care, custody and control. Some insurance company’s provide coverage for waterborne equipment starting at $10,000 and can be increased.
• Computer coverage: This provides coverage for your computers and media. Coverage can be provided for in transit, electronic vandalism, and interruption of computer operations (business income). Also physical loss to data and media occurring on premises and off premises can be provided. Laptop coverage is worldwide.

All A/E carriers are different and some do not provide all of the coverage’s mentioned.  Contact Hall & Company for more information about your professional liability insurance coverage.