The Royal Institution of British Architects has launched a new professional insurance scheme for its members. The scheme has been worked out by the RIBA and Architects Professional Indemnity Agency — part of Lowndes Lambert — with the latter providing administrative and financial back-up.
The scheme is open to firms practising in the UK where at least 50% of the partners are RIBA members and at least 50% of their workload is in the UK. Eligible practices will be offered cover to comply with the public sector insurance requirement with a minimum cover of £100,000 available for smaller practices.
Two new companies have been set up: RIBA Insurance Agency, formed by RIBA and APIA, will act as brokers for the scheme; and RIBA Insurance, formed by the Royal Institution of British Architects, will receive income from the agency and use it for development work on practice-related matters and the scheme itself.
RIBA president Larry Rolland, reacting to members’ concern that the new scheme might encourage the worst aspects of a monopoly, said: “The RIBA only intervened because the market had become very small. We will safeguard against the scheme taking advantage of a monopoly situation.”
