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Exclusively available to Royal Institute of British Architects (RIBA) Members, the RIBA\u2019s new guide explains terminology and outlines how insurance works, how to buy good quality insurance, and the importance of being risk-aware.<\/h3>\nExclusively available to Royal Institute of British Architects (RIBA) Members, the RIBA\u2019s new guide explains terminology and outlines how insurance works, how to buy good quality insurance, and the importance of being risk-aware.<\/h3>\n<\/p>\n
RIBA writes:<\/p>\n
As part of its work to support practices in running their businesses, the Royal Institute of British Architects (RIBA) has today, Thursday 8 February 2024, published its\u00a0Guide to Professional Indemnity Insurance 2024, exclusively available to RIBA Members.<\/p>\n
From offering financial protection, to legal compliance, to building client confidence, PI insurance has an essential role in helping to protect against claims made by third parties as a result of negligent professional services.<\/p>\n
This easy-to-follow guide – the first of its kind to cover such depth – equips architects to navigate the maze of insurance jargon, complexities and myths, giving them confidence when applying for or renewing their PI insurance, and helping their businesses survive an unintended and unexpected event.<\/p>\n
It explains terminology and outlines the value and principles of insurance, how it works in practice, how to buy good quality insurance, and the importance of being risk-aware \u2013 as awareness of what can happen can prevent it from happening. It also sets out what to do when a crisis does occur.<\/p>\n
Written by experienced professionals, this guide is supported by the ongoing work of the RIBA Council Expert Advisory Group on PI insurance, comprised of insurance industry experts and RIBA Members.<\/p>\n
RIBA President\u00a0Muyiwa Oki\u00a0said:<\/p>\n
\u201cOur profession has been crying out for support with professional indemnity insurance, and I am pleased to say that we have heeded that call. The importance of appropriate PI insurance cover cannot be understated \u2013 sitting alongside a commitment to excellence, ethics, innovation, collaboration and continuous improvement, it is a critical component of building and maintaining a strong professional reputation.\u201d<\/p>\n
RIBA Chair of Board\u00a0Jack Pringle\u00a0said:<\/p>\n
\u201cAs practices continue to grapple with economic uncertainty, this guide to navigating the complexities of professional indemnity insurance could not be more timely. It is essential for architects to be well-versed in insurance in order to protect their practice and thereby their clients through appropriate cover. Familiarising yourself before the worst happens is the best way to be business resilient. This guide is the culmination of years of work by the industry\u2019s top experts and provides practical support in clear, no-nonsense language. I look forward to seeing it used far and wide.\u201d<\/p>\n