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
Codes and Standards | Jan 3, 2022
New York City bans new gas hookups
Applies to gas stoves, boilers, and heaters in new buildings and buildings that undergo gut renovations.
Codes and Standards | Jan 3, 2022
New engineering guide on fire safety for very tall buildings released
Topics include emergency egress, fire resistance, building envelope, suppression, detection, alarms, and smoke control.
Codes and Standards | Dec 22, 2021
Updated ASCE 7-22 standard includes first-ever criteria for tornado-resistant design
New document provides up-to-date, coordinated loading provisions for general structural design.
Codes and Standards | Dec 21, 2021
Outdated and redundant building codes plague St. Louis area development
Region’s combined codes nearly double the length of the IRS Code.
Digital Twin | Dec 20, 2021
Groups ally to advance augmented reality and digital twin technology
AREA and Digital Twin Consortium to work on improving how technology components interoperate.
Codes and Standards | Dec 20, 2021
Tension rises in California over state’s push to build more housing
Attorney general hints at lawsuits against cities that don’t comply with zoning reform.
Codes and Standards | Dec 17, 2021
Tension rises in California over state’s push to build more housing
Attorney general hints at lawsuits against cities that don’t comply with zoning reform.
Codes and Standards | Dec 16, 2021
Home builders defeat proposed Oklahoma energy conservation code upgrade
Builders cite high home prices for opposition.
Codes and Standards | Dec 16, 2021
Laws and regulations complicate growth of community solar gardens
New projects stymied by utility resistance and legislative restrictions.
Codes and Standards | Dec 16, 2021
Property owners need systematic approach to GHG emissions reduction
Energy hog buildings at risk for becoming stranded assets.