Engineers’ Insurance Overview
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Engineers def: design materials, structures, and systems while considering the limitations imposed by practicality, regulation, safety, and cost.[1][2] The word engineer is derived from the Latin words ingeniare (“to contrive, devise”) and ingenium (“cleverness”).[3][4] Source: Wikipedia
Who Needs Engineers’ Insurance?
The liabilities facing professionals in the engineering industry are very diverse and varied, very much like the industry itself. Whether an engineering firm is a small, single practitioner operation or a multinational, multidisciplinary firm, it is important to ensure that the right engineers’ insurance policy is in place. The coverage provided by engineers’ insurance is very similar to that of other professional liability insurance policies, but is tailored to the unique needs of engineers.
Examples of those who need engineers’ insurance would include, but are not limited to;
- Architectural Engineers
- Electrical Engineers
- Architects
- Civil Engineers
- Structural Engineers
- Environmental Engineers
What Does Engineers’ Insurance Cover and How Do I know I have The Right Coverage?
Today’s society is one that is quick to point blame, and therefore it is paramount to ensure that you have the right coverage in place to protect you, your business, and your reputation against allegations of negligent acts. It is important to have engineers’ insurance as it will provide financial protection against these threats, whether or not they hold any merit and include the costs to defend allegations against your an/or your organization.
Real Canadian claims examples to illustrate the need for engineers’ insurance;
- Design error contributes to loss
- Structural Engineer’s failure to prepare field notes as project manager leads to claim
- Pre-purchase inspection reveals structural calculation errors and leads to large damages claim
To Learn More About Engineers Insurance Speak To An ALIGNED Insurance Advocate Or Connect With Us Today At www.alignedinsuranceinc.com
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