Endorsements of a policy that my architecture/engineering firm may need-
Each insurance policy, whether it is business owner policy, workers compensation or professional liability has different endorsements that may be included for your firm. Typically, these requests will be due to a contract requirement.
Waiver of subrogation, most often this is included or needs to be added to the workers’ compensation policy. The wording may look something like this:
We have the right to recover our payments from anyone liable for an injury covered by this policy. We will not enforce our right against the person or organization named in the Schedule. This agreement shall not operate directly or indirectly to benefit anyone not named in the Schedule. Any person or organization for whom you are required by contract or agreement to obtain this waiver from us.
Additional insured can be requested on the business owner policy. Depending on the policy this will be a blanket additional insured or there is a schedule of additional insureds. If it is a blanket additional insured typically the requirement is that the contract has the additional insured language.
A common endorsement for professional liability is the deductible types. If your firm has a deductible that is not the straight deductible, that will be defined in an endorsement, typically will be called the first dollar defense deductible or damages only deductible.
There may also be endorsements available for your firm’s 401k protection on your business owner policy. An endorsement to include an additional firm name to a policy, this would be for all policies. Or add gap coverage on your firms workers compensation policy.
If your firm has any questions with regards to different endorsements available, please call, or email, your Professional Underwriter agent for assistance.