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
| Dec 23, 2014
EPA releases WaterSense draft specification for flushometer-valve toilets
The U.S. Environmental Protection Agency's WaterSense program has released a draft specification for water-efficient flushometer-valve toilets.
| Dec 23, 2014
American Iron and Steel Institute publishes design guide for new profiled steel diaphragm panels standard
The American Iron and Steel Institute (AISI) published AISI D310-14, “Design Examples for the Design of Profiled Steel Diaphragm Panels Based on AISI S310-13.”
| Dec 18, 2014
New federal regulations impact construction firms doing business with Uncle Sam
Federal contractors may be subject to several new rules in 2015 that impact how they are selected for contracts and how they do business with the federal government.
| Dec 18, 2014
ASHRAE/IES energy standard could become more applicable for global use
A proposed addendum to ANSI/ASHRAE/IES Standard 90.1-2013, Energy Standard for Buildings Except Low-Rise Residential Buildings would make the standard more applicable for use around the world.
| Dec 18, 2014
Boston testing mobile building permit tracking app
The app called Permit Finder could free city employees from having to respond to the 30 to 40 permit status-related calls they receive each week.
| Dec 18, 2014
Deal on 2015 budget slashes most federal construction spending
The $1.1 trillion funding bill for fiscal year 2015 approved by Congress makes deep cuts in some construction programs, but the General Services Administration suffered just a short haircut by comparison.
| Dec 11, 2014
Mayor backs reform of Pittsburgh inspection, permitting practices
The proposal, among other things, would impose a rental registration program and fee targeted at keeping better track of problem landlords.
| Dec 11, 2014
Los Angeles mayor proposes earthquake retrofit program
The ambitious program would focus on some apartment buildings built before 1978 and concrete buildings constructed before 1976.
| Dec 11, 2014
Outdated building code hampering recruitment of high-tech businesses in New York State
New York State’s building code is outdated and is hampering the recruitment of high-tech employers, according to a coalition of construction, fire safety, and insurance industry groups.
| Dec 11, 2014
Defense Authorization Act rejects BRAC for 2017
The House of Representatives has passed the $584.2 billion Defense Authorization Act.
