EXTON, Pa., June 28, 2016 /PRNewswire/ -- To reflect quick-changing risk and contract issues that architectural and engineering firms contend with daily, XL Catlin's Design Professional insurance business has issued a revised version of its online Contract eGuide for Design Professionals: A Risk Management Handbook for Architects and Engineers.
According to Doug Strong, Chief Underwriting Officer of XL Catlin's Design Professional group, "Developing a good contract – or revising a bad one -- is crucial in managing a design professional's risk. Reducing the chances of being sued is critical to the success of your firm. The costs of litigation can have a profound impact on a firm's bottom line for many years to come. Just as issues affecting A/E contracts are constantly changing, our latest eGuide continues to change to reflect the most current state of practice in the A/E market."
"Our Contract eGuide continues to evolve as a vital practice management tool for our clients, expanding and changing as the A/E industry's issues change," said Randy Lewis, XL Catlin's Vice President of Loss Prevention and Client Education. "More than 25 design professionals, insurance experts, claim managers and attorneys including representatives from Engineering Economics and The American Institute of Architects (AIA), contributed their knowledge and experience in updating our e Guide."
The revised eGuide includes updates on
- Building Commissioning -- Commissioning ensures that a new building operates as intended and that building staff are prepared to operate and maintain its systems and equipment.
- Condominiums – The condominium construction market is making a comeback. Insurers, like XL Catlin, often see a disproportionate number of claims against design professionals related to multi-family housing, especially condos.
- Fiduciary Duty – Not typically a concern for the A/E professional, unless they accept it as part of their contract.
- International Projects – Running afoul of anti-bribery and anti-corruption laws at home and abroad is a growing risk as many firms look to expand globally.
- Sustainability and Green Design—Green design is constantly evolving and now some rating systems reward projects for using material that have an environmental product declaration (EPD), a method of quantifying a product's environmental impact.
- Design Build – Studies indicate this delivery method is 33 percent faster and six percent less expensive than traditional project delivery, but it also brings its own contract issues and increased owner expectations.
- Dispute Resolution – Revisions include updates and expanded guidance on Mediation, Arbitration, Project Partnering, Jobsite Dispute Resolution and other Dispute Resolution Methods.
XL Catlin's Contract eGuide covers more than 100 topics of issue-driven discussions, claims scenarios, problem-solving strategies and contract language solutions, that are completely searchable, and offers considerable management guidance on topics ranging from financial management to hiring and training project managers. XL Catlin's Design Professional clients receive access to the Contract eGuide and can grant individual employee access to aid in their contract risk management efforts.
About XL Catlin Insurance Operations
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group plc's (NYSE: XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.
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SOURCE XL Catlin