Insurance premiums for architects and engineers professional liability stabilized in 2015 after three straight years of moderate increases.
Insurers also plan to hold the line on rates this year, according to new survey by insurance broker Ames & Gough. The survey of 14 insurance companies that write more than 75% of the architects and engineers liability (A&E) policies in the U.S. found that rates had been kept fairly stable in 2016 partially due to healthy competition.
A few insurers reported that they will seek to raise rates this year. Most of these carriers plan to target increases to specific disciplines, such as structural engineering and geotechnical engineering, or specific project types--namely residential construction and schools, which have incurred increased claim activity recently.
“While the insurance market is competitive, the buyers benefitting the most will be those that maintain high standards for managing risk, including evaluating the risk-reward potential of new projects and knowing how a change in project mix might affect their risk profile and insurance program,” said Joan DeLorey, senior vice president and partner, Ames & Gough.
Related Stories
Codes and Standards | Dec 18, 2018
Development in Africa, Asia, and uptake in air conditioning will require more efficient buildings
Dramatic action will be needed for global building sector to cut carbon in line with international agreements.
Codes and Standards | Dec 14, 2018
Emissions for buildings and construction have peaked, UN says
Greener buildings have led to leveling off of GHGs.
Codes and Standards | Dec 13, 2018
Urban flooding causing economic loss, social disruption, and housing inequality
Extensive suburban development, aging and poorly maintained infrastructure, and more intense rainfall mean more flooding.
Codes and Standards | Dec 12, 2018
California’s transportation problems could prevent state from reaching carbon reduction goals
Governor’s carbon neutral-by-2045 ambitions at odds with car culture.
Codes and Standards | Dec 11, 2018
Strict seismic building codes credited with minimizing damage in Alaskan earthquake
Magnitude 7.0 temblor cracked roads and collapsed road ramps, but buildings held up well.
Codes and Standards | Dec 7, 2018
Florida tops ABC’s 2018 Merit Shop Scorecard rankings
Michigan rose fastest after passing prevailing wage law.
Codes and Standards | Dec 6, 2018
North American steel yields lower GHG emissions than Chinese steel
North American construction steel saves about half of GHG emissions on building project.
Codes and Standards | Dec 5, 2018
Canadian retailer builds net-zero stores
Other chains also boost green efforts with PVs, EV charging stations.
Codes and Standards | Dec 4, 2018
Action on building codes would spur low-carbon cities
Faster retrofit cycles, increased energy-efficiency requirements for existing buildings needed.
Codes and Standards | Nov 30, 2018
Best solution to prevent California wildfire disasters: Stop building in places likely to burn
Approach would be unpopular as people attracted to stunning wooded landscapes.