Early-Stage Residential Practice with Heritage Consultancy

A young architect in Sydney had recently started a sole practice focused on residential architecture. The work split was roughly 70% residential design (apartments and duplexes), with the remaining 30% across feasibility planning, town planning, and heritage consultancy.

Revenue was around $100,000 with one staff member and no multi-state exposure. The client came to us requesting quotes for Professional Indemnity, Public Liability, and a business pack.

The client specifically asked us to compare retroactive dates across all quotes, wanting to understand how far back each policy's protection extended. This was an informed buyer who understood the importance of retroactive cover for a new practice.

We went to market and obtained three formal quotes:

• Dual: approximately $1,300 with unlimited retroactive date
• Chubb: approximately $1,400 with retroactive date limited to inception
• QBE: approximately $1,500 with retroactive date limited to inception

The heritage consultancy component required specific confirmation with the underwriter before binding. We updated the scope with Dual's underwriting team and confirmed the heritage work was included under the policy terms.

The key challenge wasn't price. All three insurers came in within a relatively tight range. The deciding factor was the retroactive date.

Every PI policy has a retroactive date, but how far back it extends varies. An unlimited retroactive date means the policy responds to claims arising from work done at any point in the past. A retroactive date limited to inception only covers work done from the policy start date onwards. For an early-stage practice that may have been operating or consulting before taking out formal PI, that distinction matters.

Of the three insurers who quoted, only Dual offered an unlimited retroactive date. Chubb and QBE both quoted competitively on price but with retroactive dates limited to inception. For a practice in its early stages, the broader retroactive protection was the critical difference.

We placed the policy through Dual at approximately $1,300 with unlimited retroactive cover. The heritage consultancy scope was confirmed with the underwriter and included in the final policy terms.

The client's request for a retroactive comparison upfront was well-informed. Not every young practice thinks to ask for this, which is why we raise it as standard for early-stage architectural firms.