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, 2013
Proposal to water down Las Vegas green building code draws criticism
A proposed bill before the Las Vegas City Council would allow any building built before 2009 undergoing a renovation to only have to meet the energy code requirements at the time of initial construction, not the current, stricter guidelines.
| May 28, 2013
Mazria: ‘No need for new power plants to meet growth in buildings sector’
A new analysis of federal data shows that the U.S. buildings sector has made enormous strides in efficiency over the last six years—potentially eliminating the need to build any new power plants to support growth in the sector through 2030.
| May 27, 2013
Support increasing in Ontario to change codes to allow taller wood frame construction
Developers and home builders are asking the Ontario government to change the building code to allow construction of six-story wood frame buildings.
| May 27, 2013
'JUST' label aims to assess social justice on building material manufacturers
At the Living Future's annual conference in May, Jason McLennan, and architecture firm BNIM founder Bob Berkebile launched the JUST label, an extension of the Declare label that addresses social justice and equity issues.
| May 27, 2013
Bipartisan legislation filed to revamp EPA lead rule
Bipartisan legislation has been introduced in the U.S. House of Representatives to reform the Environmental Protection Agency's (EPA) Lead: Renovation, Repair and Painting (LRRP) Rule.
| May 27, 2013
Bill would mandate contractors use subs identified in bids on federal projects
Rep. Carolyn Maloney (D-N.Y.) filed a bill in May that would require prime contractors that bid on federal construction projects over $1 million to list each subcontractor they plan to use for $100,000 or more of work.
| May 27, 2013
Maryland law on codes for wind resistance will take effect in October
The Insurance Institute for Business & Home Safety says that Maryland citizens will be safer due to legislation passed by the legislature and signed into law by Gov. Martin O’Malley.
| May 23, 2013
AGC Contractors Environmental Conference focuses on compliance issues
The 2013 AGC Contractors Environmental Conference June 13 and 14 in Arlington, Va., will include cost-effective strategies for firms to remain compliant and competitive.
| May 23, 2013
ASTM releases new carbon steel hollow structural sections
ASTM has released a new HSS standard, A1085 - 13 Standard Specification for Cold-Formed Welded Carbon Steel Hollow Structural Sections (HSS).
| May 23, 2013
Group Health Puyallup medical center first project to achieve 'LEED for Health Care' certification
The Group Health Puyallup (Wash.) Medical Center is the first facility to be certified under the LEED for Healthcare (LEED-HC) rating system, earning LEED Gold.
