Learning from the Misfortune of Others: A Look at Claim Statistics and Case Studies (6/18/20)

Claims happen. In any year an average of about one-quarter of all design firms insured by the CNA professional liability insurance program experience a claim alleging harm from the negligent performance of professional services. While only about a third of…

Learning from the Misfortune of Others: A Look at Claim Statistics and Case Studies (6/18/20)

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Claims happen. In any year an average of about one-quarter of all design firms insured by the CNA professional liability insurance program experience a claim alleging harm from the negligent performance of professional services. While only about a third of these claims end up with an insurance payment to rectify harm or to pay for a cost, a loss, or damage, all claims take a design firm’s time, affect the firm’s profitability, and impair the firm’s reputation.

This webinar and its accompanying handouts describe the statistics and trends of professional liability claims. The webinar discussion focuses on specific case studies that result in payments by insured firms and their insurer and suggests alternative actions the firm might have taken to mitigate its risk.
Learning Objectives:
By participating in this webinar, design firms will be able to:
Learn what generates most professional liability claims against design firms.
Understand how certain actions or inaction can engender or exacerbate a claim and create a higher likelihood of liability.
Recognize the importance of responding quickly and obtaining pre-claim assistance when a dispute with a client or a demand from a third party initiates the process that results in a professional liability claim.
Prepare to share with firm staff the lessons learned from the case studies.

Speaker:
Frank Musica
Victor Insurance

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