AQRB Insurance Services
AQRB INSURANCE SERVICES
The Architects and Quantity Surveyors Registration Board (AQRB) is a Government Institution established by the Architects and Quantity Surveyors (Registration), Cap 269; among its functions is to register and regulate conducts of Architects, Quantity Surveyors, Interior Designers, Landscape Architects, Architectural Technologists, Building Surveyors, Project Managers, Construction Managers, and their Practicing Firms.
The Board in its endeavor to enhance regulation of conducts of Architects, Quantity Surveyors, Interior Designers, Landscape Architects, Architectural Technologists, Building Surveyors, Project Managers, Construction Managers, and their Practicing Firms, has established an Insurance Agency named AQRB Insurance Agency under the National Insurance Corporation Ltd.
The Board Offers Insurance Services in the following categories:
- PROFESSIONAL INDEMNITY INSURANCE: Insurance designed for professionals who provide professional advice or services to their customers. It protects your business/ company against legal costs and claims by third parties for damages arising from acts, omission, or breaches of professional duty in the course of your business.
- CONTRACTS BOND is categorized into three categories Performance bond (also known as a contract bond) guarantees the satisfactory completion of a project by a contractor as promised), Advance Payment Bond (Is a guarantee supplied by a party receiving an advance payment to the party advancing the payment. It provides that the advanced sum will be returned if the Agreement under which the payment was made cannot be fulfilled. Also called Advance payment guarantee) and Bid bond (The bond acts as a guarantee that, if awarded the contract based on the bid submitted, the contractor will enter into a contract to perform the work at the price quoted)
- CONTRACTORS ALL RISK INSURANCE: This is a type of policy that offers cover for ongoing work on a construction site. This type of insurance is a non-standard insurance policy, particularly useful for contractors, builders, plumbers, and electricians, who might find themselves working on a construction site.
- MOTOR VEHICLE INSURANCE: Insurance purchase for cars, trucks, motorcycles, and other road vehicles against own- or third-party loss or damage.
- FIRE INSURANCE: Insurance against loss from damage or destruction of specified property by fire.