Should the architectural practice set their PI sum insured as a reflection of current projects and values?
The limit of indemnity on the policy should reflect both current and past work in nature and size, and allow for potential escalation in claims due to future changes in societal attitudes, the impact of inflation and increasing building costs. Do not forget any exposure the architectural practice might have to personal injury claims.
Related Questions
- If the architectural practice has PI cover for a Limit of Indemnity for Any One Claim, will this fully protect them in the event of multiple claims during any one year?
- Should the architectural practice set their PI sum insured as a reflection of current projects and values?
- Does PI insurance provide the architectural practice and their clients with a performance guarantee?
