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 | Jul 22, 2020
Architecture billings remain in negative territory, begin to stabilize
Fewer architecture firms report declining billings this month.
Codes and Standards | Jul 20, 2020
N.Y. construction firm to pay $1.5 million to settle sexual harassment claim
Managers said to demand sex for pay and OT opportunities.
Codes and Standards | Jul 16, 2020
Tips to make optimal use of salvaged materials
Integrated teams, staging warehouse, and looking early and often, among recommendations.
Codes and Standards | Jul 15, 2020
Georgia gives the go-ahead for tall mass timber construction
Standards review scheduled to be completed by July 2021.
Codes and Standards | Jul 15, 2020
Softwood-lumber duties boost expenses amid COVID-19 outbreak
Little hope this year for resolution of trade dispute with Canada.
Codes and Standards | Jul 14, 2020
Metal Construction Assn. releases three EPD updates
Pertain to Metal Composite Materials, Insulated Metal Panels, and Roll Formed Aluminum and Steel Cladding.
Codes and Standards | Jul 13, 2020
5 must reads for the AEC industry today: July 13, 2020
4 technologies for improving building sanitation and tech's ever-evolving impact on the multifamily space.
Codes and Standards | Jul 9, 2020
Funding opportunity for field validation of high-impact building technologies
Dept. of Energy program targets dynamic interactions with electric grid.
Codes and Standards | Jul 8, 2020
Standards for reducing risk of COVID-19 in senior living communities
AIA releases strategies and illustrations for the sector.
Codes and Standards | Jul 6, 2020
Guide presents benefits of public-private partnerships
Discusses process from project conception to construction.