Architects Insurance
Architects Insurance
Claim denied by Insurance?
Had Builder’s Risk Insurance, this insurance is for construction of residential house, the foundation wall collapsed during 3rd day, the foundation wall was not build as per plan, i had to sue builder, architect and surveyor. my insurance company denied the calim. i though they will pay to repair or rebuild and then recover or sue my builder. they also denied to pay me rent even though i had loss of use of property coverage. any way i can collect the claim to rebuild, repair foundation wall or rent i pay till the wall is fixed.
A builders risk endorsement on a policy is for theft of building materials, only. If the house was to be done in about 6 months, you could have purchased a regular homeowners policy (if it was intended to be your primary home) and added the endorsement. Faulty construction is NEVER covered by any property policy. It is an exclusion in the policy. You have to contact the commercial policy, hopefully you obtained certificates of GL & WC from the contractors (ALL of them working on the house) so you know who the insurance company is. It is also possible they deny coverage for faulty workmanship because a GL generally is for accidental damage (for example – a piece of construction equipment catches on fire & burns down your half done house, or a ladder falls & breaks your brand new custom window). You cannot collect loss of use on a house that is not built yet. You are not living in it, therefore not using it. You would have to pay rent if the collapse didn’t happen. There is no loss of use to cover.
NO construction I know takes the exact amount of time stated by the contractor and I am sure there is a clause in the contract you signed that has to do with this. Things happen, weather happens, emergencies happen with other customers of the contractors. If you are only 3 days behind now, consider yourself lucky.
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Do you need professional liability insurance?
Professional liability insurance is one of the many different kinds of insurance policies available today. But before we take a closer look at professional liability insurance, or try to understand if it is really required, it would be worth one’s while to spend some time in understanding what liability insurance is all about. Fundamentally, liability insurance is a subset of the general insurance process for risk financing.
Liability insurance is available in different flavors to cater to different kinds of people and their varying requirements. Their basic essence, however, remains the same, i.e. to offer varying degrees of protection against third party claims. Professional liability insurance, just like personal life insurance or household insurance plans, is more of a necessity than just a fancy frill for your profession. With professional indemnity insurance, individuals in various professions can easily insure themselves against sudden financial losses or other unforeseen pecuniary liabilities arising out of claims made by clients who are somehow dissatisfied. When a client expects a certain degree of professional service and is not satisfied with what he is provided with, he is at his discretion to file a suit and claim compensation for the losses he has suffered.
The scope and nature of indemnity insurance makes it suitable, and highly recommended, for a large number of professionals such as doctors, lawyers, accountants, architects and other reputed professions. The need for professional indemnity insurance is most critically felt for lawyers, accountants or those professionals whose work typically involves maintaining finances and accounts and other monetary issues.
Professional liability insurance comes with many terms and conditions, and before selecting a policy, one is strongly advised to carefully read through them all to get a clear understanding of the scope of the policy and how claims can be made if they become necessary. It also helps to look around a bit and do a bit of homework on the internet before selecting a professional liability insurance policy.
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For further information on Professional liability insurance, pi insurance please contact Coulson Pritchard Associates directly on 01480 470220 or visit at www.professionalindemnityinsurance.co.uk
