Architects, Engineers and Contractors have PI Insurance, (Professional Indemnity). Usually this is a statutory requirement built into their contract. this insurance will, (to certain limits) cover the cost of the damage arising from professional error/incompetence, however I can tell you from experience that the excess will likely be in the millions so whoever is ultimately found responsible will face a hefty bill.
Incidentally, it is the Architect, not the contractor, who is involved with the Olympic Stadium in Beijing.
Very tragic event, thoughts go out to all affected, some of them were from Hong Kong, so big news here.
