Thursday, May 30, 2013

Architects and Engineers - This Could Be Big...

Whales: Giants of the Deep    Natural History Museum, NYC
On a recent trip to NYC six of us kids (OK, five "adult" kids) and our two year old grandson made a stop at the Natural History Museum. We wanted to see one of the newest exhibits, and the photo above doesn't really do justice to either one of two engineering feats - the whale itself or the exhibit created by the museum staff. This is an impressive display, and I can only imagine the difficulties encountered and problems faced by those creating the exhibit.

I'm constantly amazed at the ability of architects and engineers to successfully solve problems, especially unique or complex ones. Successfully solving problems is part of our jobs as insurance professionals and certainly part of your daily routine as an agent. Our goal is to equip you to be able to handle those challenges, and we have another tool to help you do just that.

One of our carriers successfully writing Architects and Engineers professional for decades has released a new policy form. This new version includes many coverage features that are beneficial to your customer. Some of these features appear on other forms, but few if any other carriers provide all of these on one form. We're pleased to be able to offer it to you.

Here are some of the high points:

Deductible Credits:  This form offers numerous deductible credits, and most carriers today only offer mediation deductible credits. Per American Council of Engineering bench marking - 45% of claims are settled by negotiation, 31% mediation, 7% arbitration, 3% trial and 6% other. This form provides incentives and the tools for handling claim situations quickly, and of course that's better for all parties involved. Chances are good your client may not even pay the deductible on this policy form. Credits as follows:
·        3X's Aggregate Deductible (competitors are "each and every")
·        LEED certified buildings (50% up to $25k)
·        Award-winning buildings (50% up to $25k)
·        Claims resolved through mediation (50% up to $25k)
·        Claims resolved through negotiation (75% up to $25k)

Supplementary payments: This form offers some of the broadest supplementary payments available in the market.
·        Loss of Earnings - $500 per day/up to $15,000
·        Regulatory and Administrative Actions coverage - up to $25,000
·        Subpoena/Record Request - up to $5,000
·        Professional License and Disciplinary Proceedings coverage - up to $50,000

Some additional features/benefits:
·        Claims Made (not Claims Made & Reported)
·        Pre-claims assistance 
·        Risk management services
·        Contract review services

Send new business to or call 800-442-8063 to obtain apps or additional information.

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