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.
Take an eGuide tour on XL Catlin's YouTube channel,
MakeYourWorldGo.
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.
To view the original version on PR Newswire,
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SOURCE XL Catlin