Standard 8 of the "Architects Code: Standards of Code and Practice" requires that "Architects should not undertake professional work without adequate and appropriate professional indemnity insurance cover".
The ARB have confirmed that Architects need to be aware that the terms and conditions of PII policies differ, and it is therefore necessary that Architects make proper enquiry to satisfy themselves that the policy on offer matches all their requirements. The ARB have published their full guidelines on their website.
View the Guidelines including information on Policy Wording, Limit of Indemnity and Run Off Cover.
RIAS Insurance Services was established in 1984 to provide Professional Indemnity Insurance to the RIAS membership. The two main reasons behind the decision to form the Company were:
- to provide stability in a volatile insurance market and to put in place an enduring scheme for Professional Indemnity Insurance for Architects in Scotland at competitive premium rates; and
- to promote the adoption of risk management techniques through education and the sharing of information which will enable members to be better placed to deal with the ever changing legal and commercial issues which face them.
These issues remain equally valid today and it is testament to the efforts of all those involved over the years that the Scheme enjoys such continuing support from the RIAS membership. RIAS Insurance Services is a joint venture between the RIAS and Marsh Limited.
To read about the benefits of the scheme please click on the link below:
If you require a quotation for Professional Indemnity Insurance please download and complete the RIAS Small Practice Proposal Form
Grant Lister on (44-113) 394-7736, Grant.Lister@marsh.com
David Bathgate on (44 131) 311 4130, David.Bathgate@marsh.com
Small Practice Scheme
For those members declaring less than £100,000 fees then the Company is usually able to offer participation on the Small Practice Scheme. There is a common renewal date of 1st July for all such policies and Insurers will apply a pro-rata charge to those who join part way through the insurance year.
You can select your own individual renewal date when you take out a Main Scheme policy. Premiums will be calculated by the Insurers upon receipt of the proposal form and any supplementary information required.
All policies issued under the RIAS Insurance Services Ltd Schemes are insured by a panel of Insurers. The current Insurers are XL Insurance Company Plc and Aspen Insurance Company. This arrangement spreads the risk and prevents over-reliance on just one Insurer.
Via a facility with Premium Credit Ltd, payment can usually be spread over 10 months. Currently the service charge for this arrangement is 5.5%. Please also note that PCL have a minimum service charge of £50.00.
Non-legal advice on such documents is provided by RIAS Insurance Services to Scheme members. The purpose of referring these wordings is to ensure that you are not accepting obligations which are beyond the scope of the Policy cover. The Insurer's comments regarding warranties, Duty of Care Agreements, Letters of Appointment or similar should be acted upon in conjunction with the legal advice you receive from your solicitor, or the RIAS Legal Advisor (through Practice Services)
In the unlikely event that an allegation of negligence is made against you then RIAS Insurance Services will help guide you through the claims process. This will usually entail liasing and negotiating with the Insurers, their appointed solicitor or loss consultant and the claimant's representatives. Should you have to notify a claim, potential claim or circumstance then please phone 0131 311 4292.
For more details of the full range of services available from Marsh visit www.marsh.co.uk
Marsh Ltd is authorised and regulated by the Financial Conduct Authority.