As part of our ongoing efforts to share risk education information and our claims experience with architects, we’re introducing a new series that aims to provide a crisp, clear and numbers-driven claim situation.
A Claim in Four Figures provides a brief summary of the claim, highlighting four key figures: the claim amount against the architect, the cost to defend the claim, damages, and the firm’s premium.
It’s an at-a-glance view of a claim against an architect, that highlights the value of professional liability insurance.
This Claim in Four Figures is about a Square Footage Error.
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Questions for Consideration
Thinking about the Square Footage Error scenario, ask yourself the following:
- What quality assurance steps do I take in my practice to reduce errors?
- Has my firm been in a similar situation? How was it resolved?
- How else might an architect mitigate this risk, or others like this?
- Imagine your firm was named in the claim mentioned above, and that there was one other, or two additional claims against your firm of a similar monetary nature. Would your firm be able to absorb such losses without professional liability insurance?
- Does my firm know what to do in the event of a claim?
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