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 | Feb 19, 2018
Easy access to indoor environment controls yields improved efficiency and workplace productivity
JLL/Purdue University project is developing algorithms to improve indoor comfort.
Codes and Standards | Feb 14, 2018
After Energy Star stopped certifying medical properties, a REIT developed its own certification
Welltower uses internal system to evaluate total building performance.
Codes and Standards | Feb 13, 2018
Rezoning, innovative investor enabling development of a “metroburb” in New Jersey
Indoor mixed-use “Main Street” blossoms in giant former Bell Labs building.
Codes and Standards | Feb 12, 2018
Publication provides insight into managing risk of wind-borne debris damage
Explains how models and data are used to assess the risk of structural damage.
Codes and Standards | Feb 8, 2018
EPA’s Water of the U.S. rule delayed for two years while repeal sought
Controversial Obama-era regulation may never be implemented.
Codes and Standards | Feb 5, 2018
Astrophysicist turns his skills toward identifying and predicting location of vacant buildings
Project could help Baltimore and other cities redevelop blighted properties.
Codes and Standards | Feb 5, 2018
Denver’s new green roof mandate raises implementation policies
Voter initiative left many details undecided.
Codes and Standards | Feb 2, 2018
How workplace design can position financial services companies for success
HOK report examines forces reshaping industry.
Codes and Standards | Jan 31, 2018
California is the first state to phase out incandescent light bulbs
In two years, the rest of the U.S. will follow suit.
Codes and Standards | Jan 31, 2018
Automated tool assists in design of force transfer around openings
Engineered Wood Assn. offers free calculator and technical note.