Misc

Question 1

General Liability

Answer 1

Baseline for all business insurance

Profile toon against third-party lawsuits arising from bodily injury, Property damage, rental property damage, financial loss, etc.

Question 2

Professional Liability Insurance

Answer 2

A.k.a. errors and omissions
Offers coverage to protect you and your company against any claims made by a client regarding negligence and will cover defense costs and settlement payment (up to policy limits) for an allegation that your work or advice was an adequate

Question 3

Workers compensation

Answer 3

A requirement in most states.
Will cover any injury that occurs at the workplace or any location where an employee is acting in the course and scope of employment

Question 4

Admitted basis versus non-admitted

Answer 4

Insurance carriers subject to oversight by the state versus not subject to such scrutiny

Question 5

Claims-made

Answer 5

The insurance is covered when the claim against them is made regardless of when the work was originally done. (Although ballast says must also be covered by same insurance when act occurred)

This is what you want for professional liability insurance

Question 6

Occurrence policy

Answer 6

Policy covers when the act claimed actually occurred, even if not in effect on the claim is made. Not used for professional liability because it would be to unknown and expensive

Question 7

Prior acts coverage

Answer 7

Ensures no gap in coverage if a firm switches carriers

Question 8

Endorsements and exclusions

Answer 8

Modify coverage.

An endorsement adds coverage.
And exclusion illuminates coverage for specific things

Question 9

Indemnify

Answer 9

Aka. Hold harmless

A contract provision where by one party assumes another’s legal liability

Comes in three forms with varying amounts of individual or a shared liability

May not be be covered by insurance

Question 10

Indemnification

Answer 10

A hold harmless provision, an agreement by one party to pay certain specified losses or damages incurred by another party

Question 11

Tail insurance

Answer 11

Offers coverage upon retirement or withdrawal from practice

Question 12

5 Rules of NCARB Model Rules of Conduct

Answer 12

1. Competence
2. Conflict of Interest
3. Full Disclosure
4. Compliance with Laws
5. Signing and Sealing Documents

Question 13

AIA Code of Ethics - three levels

Answer 13

1. canons
2. Ethical Standards
3. Rules

Question 14

6 AIA Code of Ethics Canons

Answer 14

1. General Obligations
2. Obligations to the Public
3. Obligations to the Client
4. Obligations to the Profession
5. Obligations to the Colleagues
6. Obligations to the Environment

Question 15

Instruments of service

Answer 15

Representations, in any medium of expression now known or later developed, of the tangible and intangible creative work performed by the architect.

Includes any work product prepared by the architect such as: drawing, rendering, report, specifications, or other original production.

Architect retains ownership of instruments of service.

Question 16

What contract and article defines ownership of instruments of service?

Answer 16

B101, Section 7.2

Question 17

2 key issues in taking on a project

Answer 17

1. Profitability

2. Insurability

Question 18

Greatest risk factors for architects

Answer 18

• contracts and negotiations
• client selection
• project team capabilities
• communication

Question 19

National Ethics Council

Answer 19

Body charged by the bylaws to enforce ethical matters in practice of architecture. Counselor also considers and proposes changes to the AIA code of ethics.

Question 20

Two most common complaints to National Ethics Council?

Answer 20

1. Attribution of Credit

2. Homeowner Complaints

Question 21

MCE

Answer 21

Mandatory continuing education, a requirement for relicensure

Question 22

True or false: insurance companies note higher volumes of claims for projects without CA services.

Answer 22

TRUE!

It’s important to do your CA so you can defend your design

Question 23

Prime Agreement

Answer 23

This is the agreement between the architect or lead designer and the owner. Consultant agreements are tied to this agreement.

Question 24

What are some go/no go policy questions to ask?

Answer 24

Does the project fall under our mission
Is the project in a target market sector?
Is the project in our geographic range?
Is the project the appropriate size? Mine is the budget realistic? Funded?
What is the potential for profit?
What is it the clients reputation and payment schedule?
Who is our competition?
Can we provide a truly responsive proposal in the time frame?

Question 25

7 key variables affecting project delivery choice?

Answer 25

1. Construction cost
2. Schedule
3. Building Quality
4. Project scope
5. Risk
6. Client Capabilities
7. Project team capabilities

Question 26

Design Assist

Answer 26

For technically challenging components, like high performance enclosure or mechanical systems. Incorporate the fabricators shop drawings in the project from the design phase.

Question 27

Project alliance models

Answer 27

A delivery system from Australia in which the entire project team is found in a single contract that holds each jointly responsible for the project and each receives a financial reward upon successful completion of the project. Owner establishes a metric of success. Similar to IPD.

Question 28

All-risk Insurance

Answer 28

Covers all losses and damages except those specifically excluded in the policy

Question 29

Cost-plus with fixed fee

Answer 29

Cost of work plus a fixed fee for overhead and profit

Encourages higher quality of construction; may encourage efficiency because contractor profits more if project is completed sooner

Question 30

Stipulated Sum

Answer 30

Contractor agrees to provide work illustrated in the contract documents for a certain amount of money and a certain period of time. Contractor is responsible for added cost or benefits from lower cost.

Question 31

Joint Venture

Answer 31

A temporary arrangement between two firms for the purpose of a specific project. The parties each retain their own organizational structures.

Question 32

If the question asks you to prioritize speed, what is the correct project delivery method?

Answer 32

Fast track probably!

Could be design-build, but probs fast track

Question 33

Teaming Agreement t

Answer 33

Aka. Memorandum of Understanding

And agreement between two or more firms that, prior to bidding work, sets forth the roles, responsibilities, costs and any other terms of agreement that the firms will except. It forms the basis for a joint venture or a prime consultant agreement which will be put in place after the project is awarded. Does not represent a formal business partnership.

Question 34

Balance sheet

Answer 34

Summarizes assets and liabilities, along with net worth

Question 35

Profit and loss statement

Answer 35

Shows all income and expenses for a period of time, typically monthly or yearly, and gives an overall view of the profit made or loss sustained