How a Civil Engineer's Professional Liability Insurance Can Be Beneficial to You - By: Allan Michael Taylor

If you are a civil engineer and you are contemplating whether or not it is advisable for you to get yourself a civil engineer's professional liability insurance policy, you may want to consider the pros and cons of such a move. One of cons that most civil engineers see when it comes to a civil engineer's professional liability insurance policy is the yearly premiums they have to pay to keep such a policy alive. The reason behind keeping such a policy active year after year is the fact that you will never know when a problem may occur with the structures you helped build. Some engineers who stopped paying for their insurance after a few years and cancelled such a policy found out the hard way that problems can actually happen much later than they expect. They realize too late that this kind of a situation can cost them more than the amount of money that they could have just poured into a continuing insurance policy.

Since a lot of structures that civil engineers help build often last a number of decades, a lot of them often question the need to continue paying annually for a civil engineer's professional liability insurance policy. If something happens to your structure a few decades down the line and you are found to be at fault for certain errors in judgment that you made in the past, whether or not you are still a practicing engineer or are retired, you can still be sued for such a blunder and you might end up in the poorhouse for it if you are not insured. You may want to ask your broker about something called a tail policy that you can use to cover you in the future to replace the current civil engineer's professional liability insurance you have once you retire. This will help you have the kind of peace of mind that you need when you retire from your profession and you have quite a number of structures you helped build still standing.

A professional liability insurance policy is a safety blanket that actually covers a lot of different professions. The term used for this kind of a policy often changes with the industry it is being used for. For example, in the medical world, a PLI or professional liability insurance policy is often called a medical malpractice insurance policy. A civil engineer's professional liability insurance policy and those that are used for other engineers and architects as well is often called an E&O insurance policy. The term E&O means Errors and Omissions. This means that the policy basically covers any problems that may come about from the errors and omissions that engineers and architects may have unknowingly made with their projects. These policies are often used to cover the expenses incurred when lawsuits are brought about by those affected by these errors and omissions. These expenses include the cost of litigation and the possible cost of reparation for the losses incurred by such errors.

About the Author

Robert McDonough is currently completing an internship as the in-house blogger for Fenner & Esler Insurance Agency, a boutique insurance brokerage that specializes in providing professional liability insurance for engineers and architects.

Article Directory Source: http://www.articlerich.com/profile/Allan-Michael-Taylor/45501

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