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Resource Review: Benchmarking and Claims Studies

Being the oldest professional liability insurance program certainly has its advantages. One of those advantages is access to a database of more than 50 years worth of claims data. This allows our program to provide meaningful benchmarking and claims information to insureds and brokers to aid them in choosing appropriate levels of coverage and deductibles as well as project types. Here’s a quick rundown on the various benchmarking and claims studies we currently have available on our website. As always, these resources are restricted to current insureds and brokers only.

From Risk to Profit: Benchmarking and Claims StudiesFrom Risk to Profit: Benchmarking and Claims Studies

This guide offers risk management guidance, claims figures, and claims scenarios broken down into such categories as client, project, contractor, consultants, and contracts, among others. It is comprehensive in its coverage of practice issues that all design professionals will face.

Online Benchmarking Study

We’ve broken down the data of this online study into four main groups:

  • General claims information covering deductibles, limits, and frequency of claims;
  • Large Firms;
  • Premier Firms; and
  • Small Firms.

Within each billing and discipline category, we analyzed claims data by region, the project types that generated the highest frequency (claims reported) and severity (dollars spent), and claimant identification.

Individual Claims Studies

These studies cover individual project types, common problem areas and claims scenarios, claims by discipline, and claims by phase of service. They feature actual claims scenarios from our claims database, with identifying information removed for privacy purposes. We have 55 of these studies available.

Understanding the Claims ProcessUnderstanding the Claims Process

This resource is a general guide to the typical CNA claims handling process. Professionals who have had a lawsuit filed against them say that they would have been less anxious if they had known more about what to expect during the claims handling process.

 

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