A seminar on Professional Indemnity Insurance for Architects and Engineer was organized by the PAM Sabah Chapter on 24th July 2010 at PAM Mini Auditorium. It started at 9.30 a.m. and end at 12.30 p.m.
The attendance was very encouraging. A total of 41 participant including 31 architects were present. Ar. Lo Su Yin introduced the speaker Mr. David and Ms. Susan Law, the manager from Berjaya Sompo Insurance Berhad, specializing on Professional Indemnity Insurance.
The seminar includes various topics on the reason for having a Professional Indemnity Insurance, and the many cases due to negligence in Malaysia. She explained the process of Professional Indemnity Insurance and the Indemnity of losses in event of negligence.
The many aspects of insurance were elaborated in detail by the presenter. Professional Indemnity Insurance is important on the policies sold to specific profession such as engineer and architects will be able to cover the professional for claims made against them for breach and negligence during the course of their services.
It also offers protection against error or omission committed in the conduct of insured profession in that period.
The feature of the policy is on claim made basis that was reported against the insured during the period of the insurance. It excludes the circumstances known to the insured prior to inception of policy period and also excludes to cover for claims arising from work performed prior to the retroactive date.
Special advice includes the Insurer should maintain at least an annual policy to cover their liabilities for activities undertaken by them to ensure that there is continuity in maintaining the insurance so that there are no gaps in coverage and maintain retroactive date of previous policy.
This policy does not replace any existing insurance products (such as Contractor All Risk Policy, Workmen Compensation) it actually compliments the other existing insurance policies.
The second half of the seminar started after a 15 minute of tea-break, with Mr. David making few words of advice.
The response from the floor was very good indeed and questions are most relevance to the architects technical services and professional scope in mind. Through the process of Professional Insurance was explained, there are still so many related questions from the floor, such as how much Professional Services relating to the LAM, PAM, its risk, cost etc…yet to be clarified.
Perhaps it may be a good idea to have a 2nd Seminar in regards to this topic depends on the response. What do you guys say?
As the seminar ended, PAM Vice Chairman, Chairman for CPD Seminar Committee, Ar. Dr. Tan Jun Kwang on behalf of PAM Sabah Chapter extended our sincere thanks and acknowledging the contribution of the speakers for such wonderful presentation.
Reported by: Dr. Tan Jun Kwang