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 | Dec 15, 2021
Design problems now the primary cause of construction claims and disputes
More likely to occur due to more tight timescales imposed upon third parties engaged in design.
Codes and Standards | Dec 13, 2021
ABC releases guide to technology for improving safety performance
Provides details on how to identify, choose, and implement technology.
Codes and Standards | Dec 8, 2021
Construction industry is the top target for cyberattacks
Smart building tech is a new avenue for criminals.
Codes and Standards | Dec 8, 2021
Proposals to add more multifamily to Atlanta prompt drive for Buckhead to secede
City aims to increase housing as projections point to sharp population increase.
Codes and Standards | Dec 7, 2021
Design problems now the primary cause of construction claims and disputes
More likely to occur due to more tight timescales imposed upon third parties engaged in design.
Codes and Standards | Dec 5, 2021
New standard for Phase I environmental reports requires more research work on many sites
Update affects around 250,000 commercial real estate transactions a year.
Codes and Standards | Nov 30, 2021
Dept. of Energy publishes RFP for technical assistance on supporting better building codes
Addresses advanced standards to reduce energy consumption and GHG emissions.
Codes and Standards | Nov 29, 2021
Ithaca, N.Y., votes to electrify, decarbonize all its buildings
First initiative of its kind in U.S.
Codes and Standards | Nov 29, 2021
FAA seeking design of air traffic control towers of the future
Call for design submissions for safe, efficient structures.
Codes and Standards | Nov 28, 2021
Efficient electric water heaters in multifamily buildings significantly reduce carbon emissions
In buildings with 5+ units, water heating uses more energy than space heating, cooling, or lighting.