Engineering Inc. - November/December 2004 - 23
Risk Management sures under a single insurance program. In Proper and
timely communication and addition, the design team is covered by a The
underpinnings of any firm's insurance d o c u m e n t a t i o n also are
important. Too dedicated policy that will cover most if not strategy can
be found in its principles of risk many professional liability claims stem
from all of its professional liability exposure for management. A firm
should approach a big unfulfilled client expectations, not from a the
project. project in much the same way it approaches lack of technical
skills by the engineering any project. First, the project rewards and
firm. Project Policy Insurance risks need to be properly prioritized,
allo- Although large projects may involve sig- In the past, project
policies provided an c a t e d and documented in a professional nificant
risk, the reward can be great as well. alternative to fulfill the need for
increased services agreement. Whenever you take on a large project, con-
limits. Project policies were introduced in It is critical to pay special
attention to the sult with your insurance agent or broker first the 1970s
to cover the entire design team's project team's structure and
qualifications. to make sure you're adequately covering your exposures for
a dedicated project. Two of the Additionally, firms should be on the
lookout risks. Obtaining the proper insurance as part most attractive
features as opposed to a for warning signs of low-reward and high- of a
risk management program is an impor- practice policy are that the limit of
liability risk projects. A firm should be wary if the tant step in
achieving the proper balance between rewards and risks. applies only to
claims resulting from the client displays unreasonable expectations
project and, with limited exceptions, they a n d insists on unrealistic
performance carry the guarantee of a multi-year, non-can- requirements.
Incompatibility of budget, Thomas H. Por ter field is vice president and
celable policy. However, because of unac- s c o p e and quality;
unreasonable time senior risk management consultant with Victor ceptable
underwriting loss ratios, the vast restraints; and one-sided contracts
also are O. Schinnerer and Company, Inc. Victor O. majority of carriers
have either abandoned key indicators of high-risk projects. Schinnerer &
Company is the underwriting this market altogether or significantly tight-
A firm needs to be objective in assessing manager for the CNA A/E
Professional Liabil- ened their requirements to the point that it its own
qualifications and expertise to make ity Insurance Program. is no longer a
viable option for most firms. sure it can meet its contractual obligations.
N o v e m b e r l December 2004 ENGINEERING INC. 2 3
Engineering Inc. - November/December 2004
Table of Contents for the Digital Edition of Engineering Inc. - November/December 2004
Table of Contents
From ACEC to You
Ask Members
News & Notes
Legislative Action
Four More Years
Beyond Bean Counting
ACEC Executive Roundtable
Balancing Reward and Risk
Fall Conference
Members in the News
One on One
Engineering Inc. - November/December 2004 - FrontCover
Engineering Inc. - November/December 2004 - Cover2
Engineering Inc. - November/December 2004 - Table of Contents
Engineering Inc. - November/December 2004 - From ACEC to You
Engineering Inc. - November/December 2004 - Ask Members
Engineering Inc. - November/December 2004 - News & Notes
Engineering Inc. - November/December 2004 - 5
Engineering Inc. - November/December 2004 - 6
Engineering Inc. - November/December 2004 - 7
Engineering Inc. - November/December 2004 - Legislative Action
Engineering Inc. - November/December 2004 - 9
Engineering Inc. - November/December 2004 - Four More Years
Engineering Inc. - November/December 2004 - 11
Engineering Inc. - November/December 2004 - 12
Engineering Inc. - November/December 2004 - 13
Engineering Inc. - November/December 2004 - Beyond Bean Counting
Engineering Inc. - November/December 2004 - 15
Engineering Inc. - November/December 2004 - 16
Engineering Inc. - November/December 2004 - 17
Engineering Inc. - November/December 2004 - 18
Engineering Inc. - November/December 2004 - ACEC Executive Roundtable
Engineering Inc. - November/December 2004 - 20
Engineering Inc. - November/December 2004 - 21
Engineering Inc. - November/December 2004 - Balancing Reward and Risk
Engineering Inc. - November/December 2004 - 23
Engineering Inc. - November/December 2004 - 24
Engineering Inc. - November/December 2004 - 25
Engineering Inc. - November/December 2004 - Fall Conference
Engineering Inc. - November/December 2004 - 27
Engineering Inc. - November/December 2004 - Members in the News
Engineering Inc. - November/December 2004 - 29
Engineering Inc. - November/December 2004 - 30
Engineering Inc. - November/December 2004 - 31
Engineering Inc. - November/December 2004 - One on One
Engineering Inc. - November/December 2004 - Cover3
Engineering Inc. - November/December 2004 - BackCover
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