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 22, 2011
Group developing BIM data standards
A collaboration among Georgia Tech’s Digital Building Lab, the Precast Concrete Institute, the American Concrete Institute, and the American Institute of Steel Construction aims to develop global standards for transportation of three-dimensional digital models among fabricator, architecture, engineering, and construction groups.
| Dec 22, 2011
New green code spells out thermal requirement for roof retrofits
The 2012 International Green Construction Code (IgCC) includes a straightforward approach to minimum thermal requirements for roof and wall systems.
| Dec 22, 2011
AGC’s safety conference Jan. 11-13 in San Antonio
The Associated General Contractors of America’s national meeting for safety and health professionals will take place Jan. 11-13, 2012 in San Antonio, TX.
| Dec 22, 2011
Proposed New York City zoning revamp encourages rooftop solar and wind energy
New zoning regulation proposals to make it easier for building owners in New York City to make their structures more sustainable have entered the public approval process.
| Dec 15, 2011
Dayton, Ohio schools saving $2.6 million annually by building to LEED
On average, green schools save about $100,000 a year on operating costs, including energy and water savings.
| Dec 15, 2011
Building to LEED standards can pose new risks for construction workers
Workers on these projects suffer a 24% increase in falls to lower levels during roof work, which researchers attributed to the installation of solar panels, and a few other risks.
| Dec 15, 2011
NRDC charges Maine governor with weakening green wood requirement
The FSC program is administered through the Leadership in Energy and Environmental Design (LEED) and requires wood to be harvested in a sustainable way.
| Dec 15, 2011
Post-tornado, Tuscaloosa seeks to create walkable urban, retail areas
Block sizes initially were limited to a maximum perimeter of 1,750 feet, with no side of the block being longer than 500 feet.
| Dec 15, 2011
Allentown, Pa. city council asked to repeal union-friendly law
The mayor of Allentown, Pa. asked the City Council to repeal a year-old ordinance that forces contractors to hire union workers for large city projects funded with state and federal dollars.
| Dec 13, 2011
LEED-EB outpaces LEED for new construction
The U.S. Green Building Council's (USGBC's) LEED certifications for existing buildings standard is outpacing LEED for new buildings for the first time.