ARCHITECTS INSURANCE SCHEME
AIS is a bespoke Professional Indemnity (PI) insurance scheme. Designed by architects, for architects. Backed by expert brokers and managers with modern architectural practices in mind.
*Our primary offer is placed via Rokstone Underwriting, with A- rated (AM Best) capacity from Accredited Insurance (Europe) Limited. Depending on your specific needs, you may be offered terms from an alternative insurer.
How have we improved on traditional PI insurance?
We all know how changes to the PI market since 2017 have restricted the types of projects you can take on, and yet PI costs have skyrocketed, meaning that you don’t always feel properly supported when it matters most.
AIS has been created with those challenges in mind and with a clear vision for how a better and more stable future can be provided.
The scheme aims to provide:
- 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.
What cover does AIS offer
Your PI cover protects your business against legal costs and claims by third parties for damages arising from acts, omissions or breaches of professional duty in the course of your business.
Robust Cover Limits
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Up to £5 million for any one claim.
An ‘Excellent’ Rated Insurer
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Rated Excellent (AM Best, A-)*.
*AM Best is the largest credit rating agency in the world specialising in the insurance industry.
Standard Cover
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Standard cover typically includes:
- Civil liability incurred during the course of an insured’s professional business
- Compensation for court attendance
- Data protection prosecution defence costs
- Defence costs involved in the defence or settlement of a claim
- Fidelity
- Legal representation costs
- Loss of documents
- Prosecution defence costs, including under the Construction Regulations 2007
- The cost of representation at disciplinary tribunals and awards made by the Ombudsman.
Clear Exclusions
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Typically, policies may exclude:
- Asbestos and mould
- Contractual liability and collateral warranties
- Death or bodily injury
- Deliberate acts
- Dishonesty and fraud
- Goods and products
- Insolvency
- Loss arising from goods and software
- Patents and trade secrets
- Physical loss or property loss
- Pollution
- Prior awareness
- Radiation
- Surveys, Home Condition Reports and EPCs.
Who the scheme is for
We aim to create a scheme for well-run and well-managed architect practices, reflected by a predominately clean five-year loss record, with the maximum loss ratio for entry being capped at 20%*.
By restricting membership to well-managed practices, we aim to keep the cost of insurance to a minimum. This approach allows us to offer new joiners a discount of up to 20% from their previous year’s premium.
*A loss ratio refers to the percentage of premium you paid to an insurer that is spent on paying claims and related expenses. A high loss ratio would indicate an increased claim frequency or severity.
Practices most likely to benefit from the scheme:
- Established practices with financial stability
- Firms with a good level of experience
- A reasonably clean claims history
- Project values aligned with previous experience
- Suitably qualified staff who engage in regular training
- Engagement in Risk Management.
AIS may not be as helpful to:
- Smaller-sized operations (<5 employees)
- Firms working in more high-risk sectors (e.g. oil, gas, basements)
- Practices with offices outside the EU
- Entities with a high number of notifications of potential claims.
Entry is not available to:
- Practices with a poor claims history (>20% loss ratio).
Getting covered is simple
Review Your Options
Our experts will guide you through the cover options, limits, extensions and exclusions to find the best fit for your practice's needs.
Request a Quote
Provide us with the risk and cover requirements for your practice, and we’ll create a tailored quotation.
Get Insured
When you're happy with your bespoke quotation, and payment option, we'll ensure that you’re covered quickly and efficiently.
Ongoing Support
Our team is here for you, providing continuous support and updates to ensure your cover continues to meet your ongoing needs.
Get in touch
Whether you’re looking for a quote or simply want to explore whether AIS is right for you, we’d love to hear from you.
FAQ
Who are Prospect Mutual Management and Sanctuary Insurance Brokers Ltd?
Prospect Mutual Management and Sanctuary Insurance Brokers Ltd have been tasked with delivering to market the Architects Insurance Scheme (AIS). They have combined their expertise to offer a tailored insurance solution for well run and managed architect practices. Their role is to manage the scheme, provide professional advice, and ensure that the insurance policies meet the specific needs of well run and managed architect practices.
Why do architectural practices need PI Insurance?
PI Insurance is an essential protection for architect practices; it protects against claims of negligence or errors in their work. It’s also a mandatory requirement for RIBA members and helps build trust with clients by showing they are covered should potential issues materialise.
What does PI insurance cover?
PI insurance is designed to protect architectural practices if a client alleges they’ve suffered a financial loss due to an error, omission, or breach of professional duty in your work.
PI insurance helps cover the legal costs of defending the claim – whether you’re at fault or not – and any compensation that may become payable. It provides peace of mind that if something does go wrong: you’re not left navigating the consequences alone.
What is a mutual and how can it benefit architect practices?
A mutual is owned by its members and exists solely to protect them in the event of a covered loss. Unlike listed insurance companies, which are run to generate profits for shareholders, mutuals provide cover without a profit motive.
That means:
- Fair and consistent pricing which is set to cover costs rather than to drive profits
- Claims are handled in your interest, not an insurer’s
- Surpluses are reinvested for your benefit, not extracted as shareholder profit
- The board is made up of members who are architects like you, ensuring a fair, informed, and consistent approach.
The mutual will be solely focused on providing maximum benefit for its members, i.e. those who place their protection with it.
Protect your architectural practice
The Architects Insurance Scheme (AiS) team are here to help. Contact us today by phone or email and we will get back to you.