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
Smart Buildings | Oct 30, 2014
Energy Department pledges $9 million for energy efficiency improvements on commercial buildings
The U.S. Dept. of Energy will spend $9 million to encourage investments in energy-saving technologies that can be tested and deployed in offices, shops, restaurants, hospitals, hotels and other types of commercial buildings.
| Oct 30, 2014
Steel Framing Industry Association’s certification program aims to ensure connector quality
The Steel Framing Industry Association has launched a certification program to ensure that cold-formed steel connectors meet quality guidelines, building codes, and ASTM standards.
| Oct 30, 2014
American Concrete Institute releases reorganized structural concrete code requirements
The reorganized document is organized from an engineer’s perspective. The requirements flow more intuitively and have fewer cross-references for improved logic and flow of information.
| Oct 30, 2014
USGBC pushes back LEED v4 deadline
Extending the deadline gives LEED users additional time to prepare for LEED v4, the latest version of LEED, which features increased rigor and multiple updates.
| Oct 24, 2014
Solar panels could be required on most new construction in San Francisco
A San Francisco city councilor will propose a new regulation that could soon mandate solar panels on most new construction in the city and on many existing apartment buildings.
| Oct 24, 2014
International WELL Building Institute launches green building standard
The International WELL Building Institute has launched the WELL Building Standard Version 1.0, which focuses on enhancing people’s health and well-being through the built environment.
| Oct 24, 2014
Seattle's Bullitt Center influencing codes and public policy on sustainability
The Bullitt Center in Seattle, which some say is the world's most efficient office building is not only influencing how other structures are built, it is contributing to revisions of codes and public policy.
| Oct 16, 2014
U.S. military concerned about climate change putting bases at risk from floods
Among the challenges the armed forces may face is rising sea levels that could put Navy docks and other installations under water in places like Norfolk, Va., Honolulu, and other coastal locations.
| Oct 16, 2014
Fannie Mae releases white paper on energy performance of multifamily buildings
The least energy efficient multifamily property may be spending $165,000 more in annual energy costs than a similar property operating the most efficiently, according to a new white paper released by Fannie Mae.
| Oct 16, 2014
Energy Department sets green building standards for federal agencies
LEED Silver may be used, and in some instances, the Green Globes program may be substituted, according to a new regulation by the U.S. Department of Energy.