The Royal Architectural Institute of Canada (RAIC) has launched a new insurance program for architects that provides professional liability coverage and other insurance products.
The RAIC Insurance Program, officially launches on Oct. 1, is an exclusive RAIC member benefit.
“The RAIC is proud to support members with an insurance program that is cost-effective and provides extensive coverage and exceptional service,” RAIC President Michael Cox said in a statement. “It’s an example of the work we are doing to add value to membership.”
The RAIC has partnered with BMS Canada Risk Services to build insurance packages for architects. The program provides members access to: Professional Liability/Errors & Omissions; Commercial General Liability; Business Insurance; Directors’ and Officers’ Liability; Cyber Security and Privacy Liability; Employment Practices Liability; and a variety of other insurance offerings.
“Among the challenges facing architects today are contracts that unreasonably transfer risk and liability to professionals,” Cox noted. “That’s why public-sector procurement reform is a crucial advocacy activity for the RAIC. In addition to advocating for change related to contracts, fees, and other procurement practices, we also want to protect our members, their businesses, families, and assets.”
Coverage for Ontario and Quebec members is limited to additional coverage to that provided through the provincial regulator. The insurance program does not impact any current insurance policy or coverage that members have in place. Members can purchase coverage starting October 1.
