Save Money The School of Risk Management can save firms money in several ways: • $1,950 continuing education savings: up to $1,950 per licensed employee in course offerings, plus savings on time, travel, and related expenses • 12% premium savings: up to 12% on next policy renewal (for firms with less than $5 million in annual billings) • Long-term savings: embedded risk management culture will lead to fewer claims and long-term premium stability Benchmarking Information and Claims/ Case Studies Throughout this publication, we have discussed eight different factors to consider when evaluating potential risks. For each of these factors, we have included case scenarios to illustrate the importance of evaluating that factor in terms of identifying potential risks. Where appropriate, we have also included graphs to help firms better understand when potential risks may occur and to provide a benchmark against peer firms. Victor’s benchmarking and claims/case studies also serve as valuable risk management resources. Victor’s benchmarking studies contain information on smaller and larger architectural and engineering firms in the Victor programs as well as information on a national and regional level. Victor’s library of claims/case studies includes information on many different project types, services provided, and studies used for various legislative efforts. Contract Review Tools This publication noted that the review of a professional services agreement is an important factor in identifying potential risks. Victor has published a variety of resources to help policyholders identify potential areas of risk in their professional services agreements .
Managing Risk Through Contract Language This contract guide helps policyholders understand underlying legal and practice management concerns, and equips the design professional with rational arguments and analytical tools to use in developing and negotiating professional services agreements. Model Provisions Guide A quick reference tool, this publication will help you review and negotiate common risk allocation issues in contracts. Intro to Professional Liability This introduction to professional liability (PL) insurance is meant to help design professionals educate their clients on the basics of PL coverage. Staking Out Your Future: Managing Professional Liability Exposure This resource, published in conjunction with the American Congress on Surveying and Mapping (ACSM), is meant to encourage surveyors to take advantage of the professional services agreement as the most effective tool in risk management. It covers ALTA/ACSM standards and provides a sample contract for professional surveying services.
57 • From Risk to Profit - Benchmarking and Claims Studies
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