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 | Jun 24, 2015
Maryland’s Prince George County turns to P3s to build green infrastructure
Over the next 10 years, the county must convert 15,000 acres of watertight surfaces—almost 5% of the county's total area—into surfaces that absorb or treat rainwater.
Codes and Standards | Jun 24, 2015
Philadelphia considers more incentives for green building
Developers could be allowed additional height, floor area on projects that meet benchmarks.
Codes and Standards | Jun 24, 2015
LEED building at Duke University may be retrofitted to prevent bird deaths
More birds die from colliding with buildings at Duke than on any other campus in a 45-school survey conducted by Augustana College. Duke is located along the Atlantic Flyway, a bird migration route.
Codes and Standards | Jun 24, 2015
Balcony collapse in Berkeley, Calif., prompts an examination of codes
Dry rot and too much weight appear to be the causes of a fatal accident at an eight-year-old building in Berkeley, Calif.
Codes and Standards | Jun 18, 2015
Guides to wood construction in high wind areas updated
The guides establish prescriptive, wind-resistive structural requirements for wood-frame buildings of different sizes and shapes.
Codes and Standards | Jun 18, 2015
New document addresses school safety and security
In an effort to balance security and fire safety features within codes, standards and planning, NFPA hosted a two-day workshop, “School Safety, Codes and Security”, last December. The findings are now available in an NFPA report.
Codes and Standards | Jun 18, 2015
Two myths regarding NFPA 101 Life Safety Code debunked
NFPA life safety engineer Ron Coté settles the debate over second egress doors and exit signs.
Codes and Standards | Jun 18, 2015
How to prevent corrosion in sprinkler system piping
The technical committees responsible for NFPA 13, Installation of Sprinkler Systems, have been looking at ways to eliminate or reduce corrosion in sprinkler systems for several revision cycles.
Codes and Standards | Jun 11, 2015
Steel Framing Alliance updates ‘Thermal Design and Code Compliance for Cold-Formed Steel Walls’ design guide
Includes results of new tests and addresses IECC and ASHRAE compliance paths.
Codes and Standards | Jun 11, 2015
Helena, Mont., may charge commercial developers a fee to fund public art
The fee would apply to new construction or alteration of nonresidential buildings of at least 20,000 sf.
