Under the scheme there will be three new products offered to RIBA members. These will vary according to the number of architects working for a firm.
One product will be aimed at small practices with up to three architects, one at those mid-sized practices with between four and seven architects, and there will be a bespoke service for larger practices.
RIBA president George Ferguson said: 'PII premiums now represent a very significant business expense. We are confident that this tailored package from the RIBA Insurance Agency will offer members and practices a good comprehensive service at truly competitive rates.'
RIBA Insurance Agency managing director Dennis Hopwood said: 'These new services are exactly what the different types of architectural practice have told the institute they are seeking from the market.
'These are simpler, cheaper and faster products and services for the small practice, and more complex covers and value-added services required by the bigger practices,' he added.