By now all members should have received an email to renew your membership and professional indemnity and public liability insurances, as part of your participation in the ArchiTeam Cooperative Ltd. Group Insurance Policies. The current policy is due to expire 4pm, Sunday 31 May 2020.
This year the quotes we received for our $5m group professional indemnity insurance policy renewal had increased by 12% from last year. The ArchiTeam Board understands that this is currently an anxious time for you and your practice, and it’s our aim to do as much as we can to contribute to your ongoing financial wellbeing through this difficult period. Consequently, the Board has agreed to absorb the 12% price increase and freeze the price of your insurance at the same level as last year.
The ArchiTeam membership fee has increased slightly to $308 incl. GST, though to offset this the Board has also agreed to make all live CPD events free to members for the next six months.
We’d like to remind you about the cover;
Professional Indemnity $5 million any one claim with $25 million in aggregate for all participating members
Public Liability $20 million unlimited in the aggregate
Products Liability $20 million in the aggregate
Legal defence costs provided in addition to the limit of indemnity
Unlimited Retroactive cover (covers past architectural services undertaken prior to this policy)
Run-off cover available for retiring members
Policy excess is costs exclusive and only required to be paid if insured judged liable or chooses to settle for damages.