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On Solid Ground |
Article Submitted by: karle donald
Thursday, 18 February 2010
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It is a soil engineer's job to ensure that structures are built on ground that will be able to support its load effectively. In the same way, an insurance company should take care of making sure that a soil engineer would have the support it needs whatever happens. All engineers working on such projects need to have themselves covered with a soils engineers' insurance. In most design and build contracts, such a coverage is required as part of the necessary documents to finalize the deal. Some clients do not allow the project to start without a signed and notarized contract complete with a copy of the soils engineers' insurance policy. Even when a client does not require so, it would be wise for any soil engineer to protect himself with an insurance coverage.
A soils engineers' insurance policy covers against the financial burden that could happen because of a bad decision or a miscalculation on the part of the engineer. The primary benefit of the professional liability component of a soils engineers' insurance coverage is the assumption of the insurance company of the legal and medical fees arising from lawsuits filed against the engineer by his clients. For the expenses in the lawsuit to be shouldered by the insurance company, the legal case should not be a result of willful negligence or of fraud. The insurance company will also decline to make any payments for lawsuits arising from non-payment of invoices. Aside from the professional liability component, a soils engineers' insurance coverage could also have provisions for general liability. This means that anyone who accidentally gets hurt or injured while dealing with the engineer or while within the project premises will be entitled to indemnity from the insurance company.
The maximum amounts of these coverage vary depending on a number of things. The cost and the size of the project is one of the things that are considered by the insurance company in processing an application for an engineers' insurance policy. The engineers' insurance coverage amount could go up to tens of millions of dollars. Often, there is also what is called as the deductible amount which is the amount that the engineer should shoulder as his share in any claim. This deductible is often applied on a per claim basis. Sometimes, it is recommended that the insurance coverage for soil engineers extend way beyond the completion of the project. Most of the time, construction mistakes are discovered after the building has been occupied or has been used for its intended purpose. Lawsuits can arise years after the completion of a structure.
The perils that are included in engineers' insurance coverage also vary depending on the type of project. There are projects that involve software and programming, and there are those that involve pollution risks. The best kind of insurance coverage for engineers would be the one that provides for coverage on contingencies that are involved in the project at hand. Among the perils that could be included in these engineers' insurance coverage are full pollution liability, breach of contract, full civil liability, breach of intellectual property rights, settlement costs cover, punitive damages cover, and virus and hacking liability cover.
Robert McDonough is currently completing an internship as the in-house blogger for Fenner & Esler Insurance Agency, a boutique insurance brokerage that specializes in providing professional liability insurance for engineers and architects. Article Source: http://www.ArticleBlast.com |
About The Author:
It is a soil engineer's job to ensure that structures are built on ground that will be able to support its load effectively. In the same way, an insurance company should take care of making sure that a soil engineer would have the support it needs whatever happens. All engineers working on such projects need to have themselves covered with a soils engineers' insurance. In most design and build contracts, such a coverage is required as part of the necessary documents to finalize the deal. Some clients do not allow the project to start without a signed and notarized contract complete with a copy of the soils engineers' insurance policy. Even when a client does not require so, it would be wise for any soil engineer to protect himself with an insurance coverage.
It is a soil engineer's job to ensure that structures are built on ground that will be able to support its load effectively. In the same way, an insurance company should take care of making sure that a soil engineer would have the support it needs whatever happens. All engineers working on such projects need to have themselves covered with a soils engineers' insurance. In most design and build contracts, such a coverage is required as part of the necessary documents to finalize the deal. Some clients do not allow the project to start without a signed and notarized contract complete with a copy of the soils engineers' insurance policy. Even when a client does not require so, it would be wise for any soil engineer to protect himself with an insurance coverage.
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