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Architects pi agency training slides - spa

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Objectives:
To “Surprise” the market with our SPA-ACE Jerneh’s Architect PI facility.

Tapping the Architect PI market share through the agents capacity.

Time effectiveness for agents in obtaining quotation
- quick quote facility.

Published in: Business, Economy & Finance
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Architects pi agency training slides - spa

  1. 1. Professional Indemnity Insurance ARCHITECT
  2. 2. Disclaimer:  This presentation is specifically designed to be of a general nature and is not intended to be a representation that a similar fact situation may or may not be covered under the policy. All claims are subject to the terms, conditions and exclusions of the specific policy issued and, further, coverage for any claim is subject to a review of all of the facts and circumstances of that particular claim. This presentation cannot be relied on to justify coverage in any situation. Further, any views, information and content expressed herein should not be relied on as legal advice or as substitute for any professional advice or as a definitive statement of the law in any jurisdiction.
  3. 3. Objectives:  To “Surprise” the market with our SPA-ACE Jerneh’s Architect PI facility.  Tapping the Architect PI market share through the agents capacity.  Time effectiveness for agents in obtaining quotation  - quick quote facility.
  4. 4. Target Profession  Architecture Industry  Positive outlook to capture market share as property business will be the prime market segment in Malaysia for the next 5 years or more – Attract more architecture firms involved.  No. of architecture firms in Malaysia: 1452  (Source: Board of Architects Malaysia)
  5. 5. What Are We In For? Our aim is to target for SME market segment Simple underwriting process Pre-underwritten process Easy and obtainable quotation through quick quote from branches Affordable premium for small architect firms To help agents close business with least hassle Worldwide coverage (exclude USA/Canada) Additional options: - Retroactive Cover (up to 5 years) - Deductible Limit Discount (opt for higher deductible limit)
  6. 6. Why Professional Needs PI Insurance?  Any professional providing advice or other services is exposed to potential claims.  If a party suffers financial loss after relying on the advice of a professional, he/she has the right to sue for the loss.  People who owe a duty of care to their customers.
  7. 7. Why Professional Needs PI Insurance?  Provides professionals with the confidence and peace of mind to face the operations and challenges of business.  One of the valuable benefits of PI insurance – cover legal costs to defend against a Claim.
  8. 8. Professional Liability of Architects  •Architects are subject to professional liability as a direct result of the higher expectations placed on them due to their specialized education and training.  •An architect’s legal obligations and responsibilities are governed by statutes & administrative regulations and common law.  •Legal Perspective affect Architects:  (a) Breach of Contract  (b) Negligence  (c) Law of Tort
  9. 9. Examples Of Architect Negligence  A professional negligence claim could be made in the following circumstances where an architect has:-  Insufficient supervision (e.g. compliance with plan & specification).  Fail to provide appropriate advice (regulations).  Failing to clarify client’s brief and maintain a record of client instructions.  Specifying materials which are unsuitable or cause significant problems with the finished building.  Inadequate examination of sites (e.g. flood prone).
  10. 10. The Coverage  Pay the Insured for Claim which may be made against the Insured for actual or alleged breach of professional duty.  Claim means:  - Written demand, writ of summon from 3rd Party.  Claim is first made against the Insured during the period of insurance.
  11. 11. Coverage Highlights:  •Continuous Cover.  •Legal Representation at Inquiries.  •Fraud & Dishonesty - sub-limit 20% of the LOI.  •Pollution Defense Cost - sub-limit 20% of the LOI.  •Retroactive Cover  – Cover claim arising from work done that happened before the policy period.
  12. 12. Example of Retroactive Cover
  13. 13. Coverage Highlights:  •Consultants, Contractors, Subcontractors and Agents.  •Defamation – not malicious.  •Intellectual Property Infringement.  •Joint Venture Liability.
  14. 14. Coverage Highlights:  •Newly Acquired or Created Subsidiaries  •Run-Off Cover for insured Entity  •Loss of Documents.
  15. 15. Exclusions  Assumed Liabilities & Duties.  Bodily Injury & Property Damage  Financial Failure & Trading Debts  Fraud, Dishonesty & Intentional Conduct  - F&D is covered with sub-limit  Managerial & Prospectus Liability (D&O liability)  Obligations to Employees
  16. 16. Exclusions  Occupier Liability.  Pollution, Radioactivity & Asbestos - we provide carved back to Pollution Defence Cost – Sub-limit: 20% of LOI  Prior Matters - any known claim or circumstances.  Product Liability - cover under product liability insurance.  Related Persons & Entities (claims brought by any Insured or its parent company, group company or relative)  War & Terrorism
  17. 17. Underwriting Requirements  For quick quote facility, you need to provide information as follow:-  No known claim or circumstances which may give rise to a claim.  No claims have been ever made or lawsuit has been brought against the Applicant.  The firm has been in operation for at least more than 2 years.  The fee income is not more than RM10mil  Fee income - > 50% work derived from ASIA.
  18. 18. Underwriting Requirements  The firm is involve in the following professional services:
  19. 19. Underwriting Requirements  The firm does not involve in the type of works as below:-
  20. 20. Claim Notification  in writing of any claim as soon as practicable during the Period of Insurance.  Information required:  Specific description of the Claim or Circumstance including Insured first became aware of the Claim or Circumstance and the relevant dates.  Details of any parties involved  Copy of any written demand or assertion and any document commencing proceedings against the Insured.  oIt is the duty of the Insured to defend any Claim made against an Insured.
  21. 21. Conclusion  Benefits of this Architect PI facility:  Specially designed for agency business model.  Easy obtainable quotation for agent.  Policy can be bound within 24 hours.  List of registered Professional Architect: www.lam.gov.my
  22. 22. Thank You For Your Attention

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