Beazley, a leading insurer of professional liability risks for architects and engineers, announced today a significantly enhanced policy form, providing broader, simpler coverage to mid-sized and small firms.
The risk of data breaches is a growing concern for architects and engineers holding sensitive employee and customer data. Mid-sized and small firms are particularly vulnerable, often lacking the sophisticated security measures in place at larger firms.
Beazley's new A&E policy provides robust first-party and third party liability cover including access to high quality data breach response services from Beazley's in-house team, BBR Services, which has been recognized as the Cyber Risk Event Response Team of the Year for the past three years by Advisen.
Other significant coverage enhancements include an early resolution deductible credit. This means that if a claim is resolved within six months of being made, Beazley will reduce the client's deductible on the claim by 50% (up to $25,000).
The policy continues to offer a mediation deductible credit for claims resolved via mediation, but the new form provides a similar incentive for claims that can be resolved quickly, efficiency and without the need for mediation.
James Schwartz, US A&E focus group leader at Beazley, said: "We've worked hard to make our policy broader, simpler and clearer. For our clients, however, the wording of our policy is only part of the story.
“Even more important is how we respond in the event of a claim. We continue to invest in exemplary claims service to alleviate what we know can be a stressful experience for any architect or engineer."