Can I get premium credit for participating in courses?
Premium credits may be available to your firm based on your risk management activities and internal processes, however, availability depends on firm size and state. Please consult with your insurance broker or underwriter for more information.
A separate premium credit for our smaller firms (firms with less than $5 million in annual billings) is available as noted below. Our larger firms will have their risk management activities considered individually during the underwriting process.
5% Risk Mitigation Credit
Smaller firms (firms with less than $5 million in annual billings) may earn a premium credit in the amount of 5% if they use a written contract on 100% of their projects and meet three (3) of the following six (6) criteria on 50% or more of their projects:
- Use written contracts, preferably standard form contracts such as AIA or EJCDC documents, that specify payment terms and include in-house procedures for monitoring and collecting outstanding fees, or use legal counsel to review agreements
- Demonstrate routine engagement in pre-project planning that results in a project defining document
- Demonstrate that instruments of service are internally or externally peer reviewed prior to delivery
- Demonstrate engagement in a constructability review process
- When construction contract administration services are being provided based on the contract, demonstrate the use of a documented submittal or shop drawing log that indicates planned dates, actual dates of receipt, and dates of response
- Demonstrate processes to verify that subconsultants have obtained insurance (general liability and professional liability coverage)