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 | Jun 17, 2020
AIA offers retail and office 3D models for reducing risk of COVID-19 transmission
For modifying stores and offices with 17-point architectural, engineering, and administrative framework.
Codes and Standards | Jun 17, 2020
Santa Fe is second city in the world to achieve LEED v4.1 Gold
New Mexico community gained credits for resilience planning, including public health crises.
Codes and Standards | Jun 15, 2020
NSF International’s Checked by NSF program helps businesses reopen safely
Includes third-party validation of COVID-19 preventive measures.
Codes and Standards | Jun 15, 2020
Workers want policy changes before they return to offices
More office cleaning, work from home opportunities, and staying home when sick among the desired adjustments.
Codes and Standards | Jun 12, 2020
Carbon emission legislation prompts commercial real estate to innovate
Mass timber, augmented reality, and modular construction among the trends.
Codes and Standards | Jun 11, 2020
USGBC offers new pilot credit to address green cleaning and COVID-19
Provides guidance on cleaning and disinfecting buildings using green cleaning best practices.
Codes and Standards | Jun 10, 2020
AIA issues tools for reducing risk of COVID-19 transmission in buildings
Tailored strategies offered for offices, retailers, schools, and senior living facilities.
Codes and Standards | Jun 8, 2020
OSHA construction safety inspections fall 84% during COVID-19 pandemic
Agency focuses on preventing disease transmission in healthcare industry.
Codes and Standards | Jun 8, 2020
5 must reads for the AEC industry today: June 8, 2020
Frank Lloyd Wright sites set to reopen and construction jobs rise by 464,000.
Codes and Standards | Jun 8, 2020
Reopened offices raise liability risk for businesses and owners
Risks may not be covered by property insurance.