Drones and the City

Drones seem to be everywhere in our lives, and they are beginning to make their way into the professional setting for architects and engineers as well.  That is, it’s emerging in some cities while others are a bit slower to change for several reasons.  New York City is one of those cities slow to embrace this change as reported by the Wall Street Journal.  The path to legalizing drone use within the city has been 18 ...

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Starting a Design Office?

 

Architects and engineers planning to start their own firms will ask us about insurance for the new venture. Typically, small firms start with one or more of these three types of policies:

 

1) Professional Liability Policy

This type of policy pays for legal fees and damage awards connected to an A/E’s design work. This coverage is important because an architect or engineer is personally liable for his or her professional services. There is no way to organize or incorporate ...

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Site Safety

By Michael J. Maloney

 

There are two sure-fire ways to get tagged with liability for site safety:

  1. Assume site safety responsibility in your contract with the owner, or
  2. Assume site safety responsibility by your behavior on the jobsite.

Option 1 is pretty clear cut, and is easy enough to avoid.  But you and your employees should be on your guard against Option 2.  If your contract specifically excludes site safety responsibility (as ...

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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, ...

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Joining Forces with Attorney Kevin Godbout

This week, Maloney & Company, LLC caught up with Attorney Kevin Godbout!

Attorney Godbout has been recognized by Super Lawyers and has been named to the 2016 Connecticut Super Lawyers in the practice area of Professional Liability: Defense. He has also been rated AV-Preeminent by his peers through Martindale-Hubbell. The account managers at Maloney & Company, LLC frequently meet with Attorney Godbout to discuss trends in the A&E industry and new risk management techniques. This week, the statute ...

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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 ...

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Travelers CyberRisk for Professional Firms

 

According to Travelers Business Risk Index 2015, cyber risks are the number one concern overall for professional firms.  Just one virus or resourceful hacker can cause huge financial and reputational consequences for a design firm, and that’s why it is important to be prepared with the right coverage.

Here is a claim scenario: A design firm stored its customers’ information in a third-party cloud computing environment which suffered a major data breach, compromising the information of thousands of ...

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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 ...

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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 ...

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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 ...

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