October 23, 2024
While only about a third of these claims end up with an insurance payment to rectify harm or to pay for a cost, a loss, or damage, all claims take a design firm’s time, affect the firm’s profitability, and impair the firm’s reputation. Increasingly, however, firms are experiencing large-loss claims. At times, claims can exhaust a design firm’s coverage limit or severely impair the ability of the firm’s professional liability insurance coverage to provide adequate coverage for other claims during the policy period. This webinar and its accompanying handouts describe the statistics and trends of professional liability claims. The webinar discussion focuses on specific case studies that result in payments by insured firms and their insurer and discusses alternative actions the firm might have taken to mitigate its risk so that its practice management procedures are structured to prevent significant losses that would damage the firm’s reputation, drain its assets, and jeopardize its ability to maintain an adequate level of professional liability insurance coverage.