Client in the Spotlight

 

Last month, the New York Times published a story about a Maloney & Company, LLC client, Bonetti/Kozerski Architecture. This talented duo was looking for a new spot in Pennsylvania to not only build a weekend house for their families, but to also have a work of art to show off to their clients. Their idea of building their showpiece from scratch went out the window when Bonetti came across a 50-acre compound with a 8,000-square-foot house built in 1976. The ...

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What’s the Best Way to Deal with an E&O Claim?

The best way for an architect or engineer to deal with an Errors & Omissions claim is to avoid it all together.

This is why using a specialty broker like Maloney & Company is so important. Our staff knows the A&E industry making us very aware of the risks that you face and enabling us to give top-notch guidance. Also, we frequently send out risk management materials to keep you updated with the latest trends in the industry. Here are a ...

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Travelers New Policy Form

 

 

Our fantastic Travelers professional liability underwriters, Hugo Eraso and Sherry Brathuhn, came to visit our Guilford, CT office this week! Travelers is working on a new policy form with numerous enhancements, and they are re-configuring their rates which should make them more competitive within our specific region along the East Coast. As the economy expands and construction becomes more demanding, Travelers ...

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When Clients Ask to Be Added to Your Policy:

First Question: What Status Do They Want?

Additional Named Insured: this status is never given to a client, nor would a client ever want this status if he or she realized the implications. A Named Insured under the policy receives the full scope of protection under the policy, so it is appropriate only for the design firm and any related companies. If a client is a Named Insured, they could be held responsible for premiums, they could cancel the policy, and you ...

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Beazley Group, and their Broader Policy Form

 

beazley-visit-october-2016

 

This week, Debbie Wiechardt from Beazley Group came to visit our Guilford, CT office! We had a lot to talk about, because Beazley is now offering a much broader policy form. Here are some new changes that we are excited about:

  • Early Resolution Deductible credit – if a claim is resolved within six months of the date the claim is made, Beazley will ...
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Lunch with Kevin Godbout

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!

 

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A Closer Look at Professional Liability / E&O

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 ...

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Big Plans for our Cities

New York City has just announced major infrastructure projects to improve New Yorkers’ quality of life. Beginning in Summer 2016, the city will start replacing pay phones with 7,500 tech kiosks, creating the world’s most expansive and efficient public WiFi network, offering NYC users broadband speeds of up to 1,000 megabits per second. The city’s Metropolitan Transportation Authority (MTA) announced that all 277 underground subway stations will have WiFi service by the end of 2016, and by the end of ...

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Crime Insurance on a Rise

At Maloney & Company, LLC, we’ve been talking more and more about different coverages that are becoming very important. Employers Practices Liability Insurance (EPLI), Directors and Officers Liability (D&O), Crime, and Cyber Liability are included in this mix. Let’s talk a little bit about Crime Insurance:

What it Does:

Commercial Crime Insurance covers money, securities, and other property against a variety of criminal acts that occur inside and outside the premises of your business due to external threats and/or even your own ...

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EPLI

BOS

 

Employment Practices Liability Insurance – is it Important?

Well, the likelihood of being sued by an employee is now three times greater than experiencing a fire loss. In just 2014, the Equal Employment Opportunity Commission received nearly 90,000 discrimination charges that year. 65% of these claims were groundless, but those employers still had to shovel out costs of investigating and defending against them. Along with claims from employees, many service-oriented businesses ...

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