Fiduciary Liability Insurance is targeted at protecting businesses’ and employers’ assets against fiduciary-related claims of mismanagement of employee benefit plans.
Fiduciaries are responsible for providing a broad range of investment alternatives and minimizing the expenses associated with those investments; you cannot avoid liability solely by blaming plan participants for their investment decisions. A fiduciary can be sued for not following ...
Continue Reading →It’s no secret that technology is advancing everyone’s daily workflow, and according to this ArchDaily article, it will be significantly advancing the workflow of architects very soon.
The idea is: your clients will be able to put on a pair of Virtual Reality glasses, and will see your designs come to life right in front of their eyes. The glasses will offer an effect where your clients will be able to virtually walk through the project, as opposed to looking at it ...
Continue Reading →Axis Insurance is now the national program underwriter for A&E Advantage, Aon Affinity’s professional liability insurance program for architecture and engineering firms. Aon Affinity expanded their partnership with Axis in 2015, and has refiled their rates in states like CT and OH, making them much more competitive. The A&E Advantage program offers professional liability insurance (errors and omissions insurance) and risk management resources to architects, engineers, land surveyors, and design firms.
Peter Wilson, CEO of Axis Insurance states, “As the new ...
Continue Reading →Famous architect, Dame Zaha Hadid, DBE passed suddenly on March 31, 2016 due to a heart attack while being treated for bronchitis at a Miami hospital. Hadid was commonly referred to as the greatest female architect of her time, gaining that reputation for her theoretical works like the Kurfurstendamm in Berlin, the Peak in Hong Kong, the Guangzhou Opera house in China, and the Cardiff Bay Opera House in Whales.
Hadid took interest in the interface between architecture, landscape, and geology; which ...
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3-D printing doesn’t have to be all about the future, it can also be used to bring back the past! Florida Southern College consists of 11 Frank Lloyd Wright buildings, built between 1941 and 1958, which are considered landmarks. According to ArchDaily, some of the deteriorating textile block was too complex to ...
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This week, our account managers took a day trip to Hartford, CT to visit with attorneys Donald Doeg and Ben Berger to discuss various construction projects in the Connecticut area as well as current trends in the Architect & Engineer industry. Thanks Don and Ben!
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This week, Maloney & Company, LLC met with Greg and Andrew from AIG.
AIG has identified architects and engineers professional liability as an important area for growth in 2016 and wants to partner with Maloney & Company on firms with over $5M in billings. AIG reports solid growth in professional liability (errors and omissions) for architects and engineers ...
Continue Reading →Foam and cooking oil cans as fillers inside concrete beams of a 17-story apartment building has liability written all over it. This misconduct was discovered after a building collapsed in South Taiwan on February 6 due to an earthquake. At least 54 people have died, and many people are still unaccounted for. With so many other buildings still standing, it is clear that this building should not have collapsed, had it been built correctly.
Both the parties involved in the building’s construction (the developer ...
Continue Reading →As frequently as possible, Maloney & Company, LLC meets with other professionals in the area to compare, contrast, and ultimately learn about recent industry trends in the A&E industry. This week we had lunch with Kevin Godbout, an attorney out of New Haven, CT who represents professionals including architects, engineers, and land surveyors. We talked about arbitration, mediation, and litigation as well as written contracts, which are useful topics that help us provide top-notch risk management advice to our clients. Thank you Kevin!
The insurance that protects your company in the event that a client alleges you made a mistake that caused them a loss is extremely important. For dentists and doctors, this is called malpractice insurance. For design professionals, this is called Professional Liability, Errors and Omissions, or E&O coverage. Whatever you wish to call it, it covers the errors (or omissions) that your company has made, or the errors that your client perceives your company has made.
As an architect or ...
