EA005: Professional Liability Insurance with Frank D. Musica of Victor O. Schinnerer & Co., Inc. [Podcast]

Subscribe to The Entrepreneur Architect Podcast at iTunes

We’ve enjoyed lots of engagement here on the blog lately and one subject that consistently triggers a response from readers is Professional Liability Insurance; what it is, why we need it and if we need it as sole proprietors and owners of small architecture firms.

In this episode of The Entrepreneur Architect Podcast, I interview Frank D. Musica.

Frank is trained as an architect, practiced in Chicago, has earned a Masters of Business Administration and a law degree. Today he is the Senior Risk Management Attorney at Victor O. Schinnerer & Co. Who better to answer all our questions and concerns about this critical and often misunderstood subject, than the man who is in charge of doing just that for at the largest provider of insurance to the architecture profession?

I hope you find this episode very informative. If you have any additional questions regarding professional liability insurance, please send me an email or contact Frank directly. His contact information is listed below with many other useful resources.

If you like what you hear, please take a minute or two to leave a review of The Entrepreneur Architect Podcast over at iTunes. Your review will help other Entrepreneur Architects find the podcast. Together we will make a difference and be an influential force in the profession.

Topics and People Referenced in This Episode

Frank D. Musica
Professional liability insurance for architects
Vic Schinnerer
Victor O. Schinnerer & Co., Inc.
History of professional liability insurance for architects
AIA Trust
American Institute of Architects (AIA)
Insurance requirements for small firms
Reasons why architects should buy professional liability insurance
How professional liability insurance differs from other insurances
Other benefits resulting from holding professional liability insurance
Do AIA Contract Documents require professional liability insurance?
Pre-claims assistance from insurance company with no additional cost to architect
Owner/Architect Contract review assistance
Regional and project type effects on insurance rates
Types of liability claims on architects
“Claims Made” insurance coverage
Limits on claims based on when work was completed
“Prior Acts” coverage
Asbestos insurance coverage example
CNA as underwriter to Victor O. Schinnerer & Co, Inc.
Exclusions to insurance policy coverage
Reasons for new firms to obtain coverage immediately
Difference between insurance brokers and insurance agents
Importance of choosing the right insurance broker
Other types of insurance policies recommended for small firms
Limits of homeowners insurance policies on home-based business claims
Technology insurance coverage (crashed servers, CAD/BIM file failures, file transfers, viruses, data theft)
Cost of professional liability insurance
Factors effecting cost of professional liability insurance
Why corporations and LLCs do not protect architects’ from professional liability
Limited liability and waiver provisions to include in your Owner/Architect Agreement to protect from claims