The Royal Architectural Institute of Canada (RAIC) says it has created a new insurance program designed for architects that will provide comprehensive professional liability coverage and other insurance products at highly competitive rates.
The RAIC Insurance Program launched on October 1 and is an exclusive member benefit, RAIC says in a news release.
“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 Ltd. (BMS) to provide insurance options tailored to the needs of architects – whether purchasing individual insurance products, full packages or a top-up to existing or mandatory coverage. The RAIC Insurance Program provides members access to:
- Professional Liability/Errors & Omissions;
- Commercial General Liability;
- Business Insurance;
- Directors’ and Officers’ Liability;
- Cyber Security and Privacy Liability; and
- Employment Practices Liability.
“Among the challenges facing architects today are contracts that unreasonably transfer risk and liability to professionals,” Cox said. “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.”
Professional liability insurance (PLI) is already required for architects in practice across much of Canada. In 2017, PLI became mandatory in British Columbia. Architects will have to comply with this as of Feb. 1, 2019. Alberta is expected to follow suit soon.
Coverage for Ontario and Quebec members is limited to additional coverage to that provided through the provincial regulator.
