Bespoke Insurance Scheme for Urban Design Practices - Full Details
UDG Nominated Insurance Broker
The service available:
The Urban Design Group has engaged in discussions and research with leading insurance broker, Lockton Affinity, and recommends their specialist service to urban design practitioners.
Lockton Affinity has devoted time to develop an understanding of the urban design world and has briefed select underwriters accordingly. This means that they can now negotiate preferential insurance terms based on that enhanced level of understanding – in particular an appreciation of the difference between urban design and architecture. The risk exposure presented to the insurance market, particularly for Professional Indemnity, is significantly different as architects’ involvement in materials specifications and engineering calculations leaves them potentially responsible in a range of scenarios not usually encountered in urban design.
Access to brokers and underwriters who understand these issues translates into lower premiums. In the course of developing this understanding a small selection of member practices asked Lockton Affinity to obtain quotes for their insurance renewals and, in every case, savings were sufficient to justify switching to Lockton Affinity.
As urban design practices vary widely in size, nature of work and coverage requirements, there is no single insurance policy being promoted to all. What is consistent is that the insurance markets approached on behalf of urban design practices will appreciate the lower risk profile presented by comparison with architects. That said, the policy wording will generally be one that is approved by the Royal Institute of British Architects, as many practices need to comply with these requirements, for example when working for public sector clients. In many cases, the premium can be paid by monthly instalments, with no interest added.
Generally a Professional Indemnity quotation can be provided from a copy of the proposal form which the practice’s current insurer will have required for renewal, so there is very little input required from the practice! Alternatively, a form can be downloaded and completed if you prefer.
In short, the unique benefits of the Lockton Service can be summed up as follows:
- 15 months for the price of 12 for new start-up practices*
- An understanding of the profession which translates into good value PI insurance deals
- Policy wording that complies with RIBA requirements
- Interest free instalments,
- The policy is “continuous”, meaning a greatly simplified renewal process,
- Legal expenses insurance included
- Easy quotation process as we can usually work from a copy of the form the Urban Designer has already completed for their expiring insurance.
*Provided they are not undertaking 'traditional architecture' activities we can usually offer fifteen months policies on all new start ups as standard - provided incorporation was within the last six months (full details here)
Of course, it is often easier for a practice to have a single insurance broker deal with all its insurance needs, and Lockton Affinity will offer this service. If you decide to place your Professional Indemnity Insurance with them, you can simultaneously appoint them to look after all existing insurances from that point. Or, if you prefer, they can offer alternative quotations on each policy as the renewal becomes due. As the world’s largest privately owned insurance broker, they can often offer terms that would not be possible through other channels and their understanding of the urban design profession will support them in negotiating best terms for:
- Office package policies,
- Directors’ and Officers’ Liability policies,
- Business Interruption insurance,
- Cyber Liability cover,
- Mini-Fleet policies,
- Travel insurance,
- Employee Benefits packages,
- Virtually any other insurance needs!
Lockton Affinity is a trading name of Lockton Companies LLP, who are authorised and regulated by the Financial Services Authority. Lockton are the ninth largest insurance broker in the world, and the largest privately owned insurance broker, being owned and managed by the Lockton family who founded the business in 1966. The urban design team operates from the London office, pictured. Urban Design Group are an Introducer Appointed Representative of Lockton Companies LLP.
Lockton already looks after portfolios of insurance for other professions, including surveyors, town planners, solicitors, insurance brokers and financial advisors. Their expertise in this area is complemented by their ability to leverage favourable terms for their clients as a result of the volumes of premium they place into the market.
To contact Lockton Affinity to discuss your insurance requirements, either click on the link here: or use one of the following:
Telephone: 0845 602 7217
Post: Lockton Affinity
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