Architectural and engineering firms have always faced varied and complex risks. The dynamics of today’s construction industry have only enhanced the exposures taken on by sophisticated design firms in recent years, such as:
- Building information modeling (BIM) and “green-build” technologies
- Fast-evolving project delivery methods enabled by such technology
- Uncertainty and confusion regarding roles, responsibilities and inputs of project participants
- International projects and different countries’ unique jurisdictional coverage requirements
- Economic pressures, reduced backlog and nontraditional project financing
Has your firm examined these issues, the potential implications to your balance sheet and the possibility of turning a strategic risk management platform into a competitive advantage?
How our approach helps you
IMA doesn’t just place insurance. It meets specific needs that enable clients to compete more effectively for higher margin projects. We learn about your unique challenges and provides ways to protect against them.
In addition to the services offered by traditional brokers, IMA strives to provide holistic solutions, including:
- An audit of your existing program(s) to identify coverage gaps and potential enhancements.
- Pre-underwriting of the firm (or project) to identify potential underwriting issues and concerns
- Collaboration to minimize the impact of issues, highlighting the firm’s strengths and risk mitigation strategies
- Utilizing IMA’s strong relationships with domestic, London and European “A&E” markets to negotiate best terms
- Coverage analyses and benchmarking to enable informed decisions about program structure and choice of insurers
- Offering dedicated advocates to help navigate the claims-handling process – the most important role in facilitating the payment of claims.
As a top-10 independently owned retail insurance broker, IMA will be your ally and on-call risk advisor throughout the policy period.
Global Solutions Tailored for Design/Construction
You compete for projects in a global market, and we offer a unique platform to coordinate clients’ international exposures. A senior member of our Global Risk Practice is embedded within each client service team for risk assessment and placement of in-country policies wherever your clients may take you. Further, your core service team of industry and professional liability experts is backed by the resources of both Dentons and Paragon International Insurance Brokers, Ltd.
Dentons
A global law firm with offices around the world and expertise in construction, energy, public entities and development, stands ready to assist IMA clients with any due diligence or consultative support in order for you to make informed decisions about investing in a particular jurisdiction and then complying with that country’s requirements.
Paragon
London’s leading professional indemnity brokerage, has long represented a significant percentage of ENR 100 firms and brings a great deal of expertise from both an industry and a coverage perspective. As an extension of IMA’s Design Liability team, Paragon provides our global clients with a depth of senior-level expertise and unique access to senior decision-makers at insurers not only in the U.S., but in London and Bermuda as well.
The Bottom Line
IMA’s goal is to implement a strategic risk transfer platform that permits design firms to expand their scope of services and continue to play a lead role in projects, regardless of the delivery method chosen by the owner.