Among all of the professions who must protect their finances with indemnity insurance, architects stand to benefit above the rest. The main reason for this stems from what is at stake in regard to faulty architectural design. Other professions get indemnity to cover malpractice or mistakes. However, when an architect makes a mistake, the results are often catastrophic. The design layout of a building or structure must meet specific building codes to handle consistent use. If an architect fails to meet these demand, then he can expect to go to court.
Architects who work for themselves stand to lose the most if they do not have indemnity coverage. Consider the fact that architects who work for major operations might have the financial backing of the company behind them. In fact, the company itself might handle a majority of the financial turmoil on behalf of a worker. Those who own their own small business, however, do not have this luxury. They must pay for all expenses out-of-pocket, and when you consider the costs associated with legal representation, it is no wonder that indemnity insurance becomes extremely helpful.
One of the most common issues that architects face is building collapse. This is most prevalent in countries where there are less strict guidelines in terms of building codes. If a building does collapse, and injuries occur, then the architect must provide documentation which shows that all measures were carried out correctly. Otherwise he stands to face a lengthy and expensive trial. Human error is a part of life, but there is not much room for error when other peoples’ lives are at risk.
Roof collapse is another common issue associated with architects and their work. Sometimes roofs collapse under the weight of heavy snow, while other times they collapse due to poor architectural planning. it is up to the builder to produce documents which represent the entire design and layout of the project. Even when this is produced, it is often not enough to prevent a claim from being brought forth. Once a roof collapse does occur, claims can be made by multiple people. This type of situation becomes overwhelming, especially when compensation must be paid to all of these people. It is important to understand how much coverage your indemnity plan covers.
Most architects realize that their work remains a hallmark of their responsibility, even after they retire. A structure is supposed to be built to withstand many years of use without issue. Therefore, it is quite possible for an architect to be sued many years after the completion of a building. Thus, indemnity insurance must be held even into the retirement years. This allows you to rest easy knowing that you have financial support in the event of an unfortunate miscalculation, and it allows you to protect your finances.