What are the minimum premiums and deductibles offered for the Small Firm program?
Depending on your limits, we offer several different options:
|
Limit
(claim/annual aggregate) |
Deductible |
Minimum Premium |
|
$100,000/$300,000 |
$1,000 |
$1,250 |
|
$250,000/$500,000 |
$1,000 |
$1,350 |
|
$500,000/$1,000,000 |
$1,000 |
$1,500 |
|
$1,000,000/$1,000,000 |
$1,000 |
$1,850 |
Are higher deductibles available?
For A/E firms with billings greater than $250,000, deductibles of $3,000, $5,000, $8,000 and $10,000 deductibles are available.
Can I get a three-year policy?
Firms with average annual billings under $250,000 are eligible for three-year policies, as long as they demonstrate - among other factors, stability of revenue and excellent loss experience. Firms with greater billings are only eligible for a one-year policy term.
How does a three-year policy work?
A three-year policy covers the insured for a three-year term and guarantees the same annual premium for each of the policy years. Neither a new policy nor application will be needed until the firm renews in three years' time. However, you will receive an invoice approximately 45 days prior to each anniversary for the next annual premium due. Should you choose to cancel the policy at anniversary, there will be no charge to cancel.
What is the mold paragraph showing up on my three-year policy quotes?
For all of our multi-year policies, we add an endorsement that allows Schinnerer to exclude mold claims at the policy's next anniversary, pending state approval. The exclusion would only apply to bodily injury claims, not property damage claims.
Where can I go to get help filling out the application?
Your broker is your best bet. If you don't have a broker, select the broker locator in the column to the left, or call us at 301-961-9800 and we can help you find one in your area. If you're filling out the Small Firm application, try our Application Companion which answers the most common questions.
Do I need to include subconsultant fees in my firm's gross billings?
Yes, you must include fees from your subconsultants in the firm's gross billing totals. This is because you are vicariously liable for the professional services of your subconsultants and may be pulled into a lawsuit, should a claim arise. As a result, these fees must be included in the premium calculation.
Can I get full prior acts coverage for my firm?
Full prior acts coverage is available for new business submissions that currently carry professional liability coverage. Subject to review, a firm that does not receive full prior acts coverage at inception will be eligible to receive it on the first anniversary of the policy.
Are project-specific policies available?
Specific additional limits endorsements (SALEs) and project policies are available for firms that qualify. However, firms must carry limits of $500,000 annual/$1,000,000 aggregate or higher to qualify.
Can I get a quote directly from Schinnerer?
If you are interested in a quote, you can fill out our online form. We will provide a copy of the premium indication to a specialist broker in your area who will then contact you to discuss purchasing coverage. If you decide to purchase coverage, you will still need to submit a full application to your broker.