Pro-Demnity is updating its premium calculation model so that it reflects an architectural practice’s claims experience.
This is a notable and significant response to the majority of architectural firms who have called for premiums to be priced in accordance with their unique claims experience, as evidenced and expressed through loss ratios. Pro-Demnity has heard these concerns and intends to uphold fairness and integrity in our pricing, and to reward positive risk-awareness habits within the architectural community through applicable discounts.
The change is part of our planned Underwriting Project, a four-phased initiative that began in 2023 with the update to our Policy Wordings in Phase 1 (2024). Phase 2, which began earlier this year and will continue into 2025, focuses on re-evaluating the premium calculation model (or the pricing model). Phase 3 (2025) will concentrate on Underwriting processes, workflows and service standards, and Phase 4 (2026) will implement technology and digital solutions to make it easier for policyholders to renew annually.
More details about the premium calculation model will be included with the annual renewal packages, effective April 1, 2025.