New PI Insurance Scheme Launched to Give Architects Greater Control
Prospect Mutual Management (PMM) has launched the Architects Insurance Scheme (AIS), a new professional indemnity insurance initiative designed by architects, for architects.
Architects across the UK now have access to a new PI insurance solution which aims to be tailored to the realities of running an architectural practice today. The scheme has been created in response to rising costs, tighter cover, and growing restrictions on the types of projects firms can take on. Issues many practices say have left them feeling poorly supported by traditional providers.
AIS has been developed by PMM, specialists in mutuals and risk management, in collaboration with Sanctuary Insurance Brokers and a working group of architects. The scheme provides bespoke cover for architectural practices and aims to offer PI coverage on competitive terms, initially, offering PI insurance from Rokstone Underwriting, backed by A-rated capacity.
“AIS has been created by architects, for architects, with professional managers and brokers to support us in delivering the offering. AIS aims to deliver tailored protection for practices that want more control, more transparency and more value from their insurance.”
AIS has been built with a clear path to becoming a mutual, meaning member architectural practices will eventually own the mutual and have a direct say in how their protection is run.
“The scheme is the first step in the journey to create a new, more accessible mutual, for architects. One which ultimately they themselves will own and operate, giving them full control. The mutual will reward practices which are professionally run and have a proactive and strategic approach to risk management, with an improved insurance solution.”
Rikul Patel, Head of Prospect Mutual Management
The scheme ultimately aims to deliver:
- Stable, transparent pricing
- Enhanced cover that meets industry expectations
- An open and collaborative claims process, and ultimately
- A mutual model where members have a say.
“AIS is laying the groundwork for a more collaborative, transparent, and resilient way to manage risk” said Edward de la Billiere, Director at Prospect. “AIS puts control back into the hands of the practices themselves.”
The scheme is aimed at well-managed, mid-sized practices, offering up to 20% off previous premiums for firms with a good claims history.
AIS is now accepting enquiries from architectural firms looking for more tailored, future-focused PI cover.
To learn more about our work with mutuals and how we support professional sectors in building long-term risk solutions, visit prospectmm.co.uk.
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