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
| May 28, 2014
Resiliency measures for hurricanes can help with tornadoes
Architect Butch Grimes, who examined the wreckage after a half-mile tornado struck Tuscaloosa, Ala., believes toughening building codes can reduce damage from twisters.
| May 28, 2014
Rooftop wind turbines becoming green status symbol in New York City
New York City developers are using rooftop wind turbines in an effort to attract buyers by highlighting a building’s green credentials.
| May 28, 2014
Peer review process under way for the WELL Building Standard
The standard is the first protocol of its kind that focuses on improving human wellness within the built environment by identifying specific conditions that, when holistically integrated into building interiors, enhance the health and wellbeing of the occupants.
| May 22, 2014
ASHRAE releases best practice guide for liquid cooling systems in data centers
The publication provides guidelines on interface requirements between chilled-water systems and technology cooling systems and on the requirements of liquid-cooled systems that attach to a datacom electronics rack.
| May 22, 2014
Colorado approves $4.2B data center said to be invulnerable to power outages
The Niobrara Data Center Energy Park project in Colorado will be the first data center to be fully self-contained with its own self-generated energy production facility.
| May 22, 2014
Energy Department analysis shows efficiency gains from ASHRAE 2013 energy standard
Preliminary DOE analysis shows that the ASHRAE/IES’s 2013 energy efficiency standard contains energy savings over the 2010 standard of 8.5% source energy and 7.6% site energy.
| May 22, 2014
Federal disaster policy should focus on mitigation, insurance group says
Federal disaster policy should shift its focus toward mitigation in order to reduce future disaster costs, the National Association of Mutual Insurance Companies says.
| May 22, 2014
Study quantifies cost premiums for net zero buildings
The 73-page report breaks down the incremental cost premiums for transforming three LEED Platinum-designed buildings into net-zero energy, net-zero water, and living Buildings.
| May 22, 2014
Senate kills bipartisan energy efficiency bill over Keystone pipeline amendment
The legislation focused on energy efficiency standards such as water heaters with smart meters and cheaper heating and cooling systems for office buildings.
| May 19, 2014
Construction skilled-worker shortage causing rise in claims
The improved economy has boosted construction starts, but a shortage of experienced trade workers has led to more on-the-job injuries and construction defects.