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
Energy Efficiency | Aug 28, 2015
North American Passive House Network e-book explains Passivhaus, net-zero techniques
Free guide includes spotlight on individual projects
Windows and Doors | Aug 28, 2015
Newly formed group challenges Florida building code
Window, door companies oppose provisions that raise costs
Codes and Standards | Aug 28, 2015
New Orleans becoming a model for climate resilience only 10 years after Katrina
The city has moved ahead with resilience strategies that may become a model for other communities
Codes and Standards | Aug 21, 2015
Illinois governor vetoes bill that would restrict condo owners’ rights
Bill would have made it harder to sue for building flaws
Codes and Standards | Aug 21, 2015
Post-Katrina roofing codes creating more resilient buildings on Gulf Coast
Ten years after storm, notable progress on stronger roofs, IBHS says
Smart Buildings | Aug 21, 2015
Federal Alliance for Safe Homes offers plan to strengthen codes for disaster resilience
Some states losing ground on resilience, group says
Codes and Standards | Aug 21, 2015
After disease outbreak, ASHRAE legionella standard adopted in New York
City Council acts after 12 die of legionellosis
Codes and Standards | Aug 13, 2015
Research indicates major earthquake looming for Pacific Northwest
Most structures built before seismic codes instituted; extreme damage predicted
Codes and Standards | Aug 13, 2015
New York City may allow affordable housing developers to ‘double dip’ in subsidies
New York City may allow affordable housing developers to ‘double dip’ in subsidies
Codes and Standards | Aug 13, 2015
L.A. considers controversial traffic calming measures
Goal is to encourage alternative transportation