PRODUCT: Architects and Engineers Professional Liability policy
COMPANY: CNA/Continental Casualty and other admitted subsidiaries
BEST RATING: A
AVAILABILITY: A&E policies are underwritten by CNA’s exclusive A&E program administrator Victor O. Schinnerer & Co.
FOCUS: Schinnerer makes two moves that add to the toolbox of producers who seek to attract new business and better serve existing accounts. First, Schinnerer implements flat 5% premium credits for select risks, specifically those whose members belong to either of two trade groups: the American Institute of Architects or the National Society of Professional Engineers. Second, underwriters expand their appetite to attract contractor- or design/builder-led contracts, offering limits that are closer to the higher end of the spectrum: up to $5 million in coverage, instead of the typical $2-$3 million.
UNDERWRITING: Schinnerer issues primary-only, monoline A&E policies. Policy limits can go as high as $15 million per claim and aggregate, with common limits of $1 million/$1 million. Minimum deductibles run $1,000. Claims-made forms are used. Defense costs are inside policy limits. Punitive damages are covered where allowed by state law. Producers can arrange an array of property-casualty coverages at additional cost including general liability, management liability (D&O liability, employment practices liability, fiduciary, etc.), follow-form umbrella up to $5 million, commercial auto with maximum $1 million combined single limits and workers comp.
MINIMUM PREMIUM: Between $1,000 and $2,000.
TARGET: Architects, engineers, design professionals, landscape architects, land surveyors, environmental consultants, geologists, interior designers and other specialty consultants.
COVERAGE TERRITORY: All states.
CONTACT: Kevin Collins, senior vice president, Architects and Engineers Program, Victor O. Schinnerer & Co.; Two Wisconsin Circle, Chevy Chase, MD 20815; 301-951-5412.
Ron Lent is an IA contributor.