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 | Mar 3, 2020
Wallcoverings industry releases product scorecards concerning sustainability
Tool adds more transparency to certification.
Codes and Standards | Feb 28, 2020
Bay Area communities struggle with what to do about rising sea level
Policies include sea walls, levies, and relocation.
Codes and Standards | Feb 27, 2020
Cell phones present a safety hazard at job sites
Use of ear buds, headphones banned by some contractors.
Codes and Standards | Feb 26, 2020
American Concrete Institute releases 2020 codes, specifications, and practices
ACI Collection features guidance on structural concrete construction and rehabilitation.
Codes and Standards | Feb 25, 2020
New ISO standard for optimizing building use and reusing and recycling components released
Aim is to realize full potential value of a building throughout its life cycle.
Codes and Standards | Feb 21, 2020
Architects push back on proposed uniform design mandate for federal architecture
AIA speaks out against measure.
Codes and Standards | Feb 20, 2020
City-owned buildings to go carbon-free in Los Angeles
Mayor commits to goal for new and extensively renovated structures.
Codes and Standards | Feb 19, 2020
Public is willing to volunteer to maintain green infrastructure
Perceived benefits make residents willing to help public works departments.
Codes and Standards | Feb 18, 2020
Recent Dept. of Energy grants emphasize grid-interactive building technology
National labs, universities, businesses selected for total of $74 million in funding.
Codes and Standards | Feb 14, 2020
At least 13 states create incentives for utilities to use demand response programs
Practice optimizes power grid, incorporates more renewable power.