- SPECIAL REPORTS
- THE MAGAZINE
Chevy Chase, MD - Victor O. Schinnerer & Company announces its innovative reward program for policyholders in the architecture and engineering program who practice prudently and provide better customer services. With its announcement of a new Risk Mitigation Credit, Schinnerer joins with the carrier, CNA, The American Institute of Architects and National Society of Professional Engineers to promote certain best practices in the engagement and performance of professional services.
Developed as a part of the CNA Professional Liability and Pollution Incident Liability Insurance Policy form, the Risk Mitigation Credit offers eligible policyholders the opportunity to earn a 50 percent deductible credit of up to $25,000, when a claim is resolved. The best practices, identified with the help of the AIA and NSPE committees' advisors to the Schinnerer and CNA program, not only will reduce deductibles but also will assist firms in minimizing time lost in resolving disputes and in preserving their reputations as quality service providers.
Most firms can implement the identified best practices, i.e. risk mitigation procedures, at little additional cost. And doing so will assist in their project management and business operations. Practice management procedures identified by the AIA and NSPE representatives have a track record of reducing the frequency and severity of professional liability claims. Therefore, these practices, if performed universally by most firms, could have significant impact on the industry.
The newly revised policy with the Risk Mitigation Credit will be available to policyholders upon approval by state insurance departments. Currently state approval status is available on the web at: http://www.schinnerer.com/product_info/design_firms/aeagreements.html.
Schinnerer also has published a booklet explaining how implementing best practices can help firms avoid disputes and reduce the costs of claims. The booklet provides an in-depth explanation of the Risk Mitigation Credit feature of the professional liability insurance policy.
To view the Risk Mitigation Credit booklet, go to: http://www.schinnerer.com/product_info/design_firms/pdfs/riskmitigation_credit.pdf.
Victor O. Schinnerer & Company, Inc., is one of the largest and most experienced underwriting managers of professional liability and specialty insurance programs in the world. Schinnerer now serves more than 25,000 insureds in the design and construction industry through independent agents and brokers. Learn more at www.Schinnerer.com.