How to save money on professional liability costs

Insurance is probably one of a design firm’s biggest expenses, and behind health insurance costs, premiums paid for errors & omissions (E&O) coverage for architects and engineers is at the top.  Here are some suggestions for saving money on professional liability coverage for design firms:

  1. Compare quotes: Let Maloney & Company, LLC shop around and obtain quotes from different insurance providers. We work with dozens of specialized programs, way more than most insurance brokers, and this approach will allow you to ...
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Risk Management tips for design professionals

We at Maloney & Company, LLC have helped our clients through many tricky situations, and several tips and techniques emerge as really good risk management practices. These are not “pie in the sky” ideas, either. You can probably incorporate some if not all of these suggestions with only minor changes in the way you do business currently.

  1. Cultivate your relationship with the project owner.

Project owners make the lion’s share of the claims against architects and engineers. If there is a ...

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Site Safety Risks for Design Professionals (and what do do if you see something worrisome)

There are two sure-fire ways for architect and engineers 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 it should), and the owner-contractor contract specifically includes site safety responsibility ...

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Insurance for starting a design office

With the new year nearly upon us, we wanted to offer suggestions for new professional services firms regarding insurance.  Here is an introduction to the types of policies normally maintained by start-up firms, along with some price estimate ranges, and other suggestions:

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 ...

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March 24th Webinar–2022 Contract Review Guide–Tips and Suggestions for Design Firms

Please join us for another installment of our series of risk management webinars for 2022.  The presenter will be Mike Maloney.

Mike is the Founder and Principal of Maloney & Company, LLC, one of the leading insurance brokerage firms in the nation specializing in architect and engineer professional liability insurance.

One of the key tenets to staying out of professional liability claims is to start with a good contract.  For the past 12 years, Mike has been updating the guide he wrote ...

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Webinar: Professional Liability Risk Management Triumvirate

Thursday, February 17, 2022, at 1:00 PM

Please join us for the first webinar in our 2022 risk management series presented by Erik Vincelette, our Associate Principal. The presentation will include:

  1. Time, as it is measured by the project’s schedule.
  2.  Money, as reflected in the construction cost and/or the overall project budget.
  3. Quality, as seen through the Owner’s (or Client’s) Expectations.

In this context, we’ll also:

  • Identify some specific components of each of the three factors.
  • Review risk management guidance to address each of the ...
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Happy Holidays!

As we approach the end of another year, I’d like to take a moment to express my gratitude for your business and for your confidence in Maloney & Company, LLC. We promise to continue giving you expert risk management suggestions, access to high-quality insurance companies, prudent advice, and to issue prompt certificates of insurance.

All of us here wish you the very best ...

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Congratulations to our client, Kenneth Boroson Architects!

The AIA-CT recently hosted its annual Awards Gala, where they presented certificates for various awards throughout 2021. Two of Kenneth Boroson Architects’ projects received Merit Awards! The 11 Crown Multi-Family Housing in Meriden won a Sustainable Architecture Award, and the District New Haven Corporate Tech Campus won a Design Award in the Adaptive Reuse category. Congratulations to all involved in both projects!

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OCTOBER is National Cybersecurity Awareness Month

Cyber Liability

Just about any organization that uses technology to do business faces a cyber risk. In fact, three of our clients have recently been hit by Ransomware, a type of virus that encrypted the firms’ data, and a ransom to be paid in Bitcoins was demanded by the hackers. This type of coverage is designed to mitigate losses from a variety of cyber incidents, such as data breaches, infringement of copyright, and network damage. As technology becomes more complex and ...

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Siefert Associates and the Providence I-95 Viaduct Demolition

Our client, Siefert Associates prepared the plans for the demolition of the existing southbound I-95 viaduct in Providence, Rhode Island. The bridge deck is being removed with excavators positioned on the structure. The post-tensioned steel girders will be removed with a variety of equipment [excavators, loaders, and cranes] on grade below the bridge once all the deck has been stripped.
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