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 27, 2019
Construction workers need continuous skills upgrades
A report by Autodesk and Deloitte focuses on how workers can succeed in an automated world.
Codes and Standards | Jun 27, 2019
Updated standard for liquid applied flashing for exterior wall openings released
AAMA document establishes minimum performance requirements.
Codes and Standards | Jun 27, 2019
Public restrooms being used for changing clothes, phone conversations, and 'getting away'
About 60% of Americans use a public restroom one to five times a week, according to the latest annual hand washing survey conducted by Bradley Corporation.
Codes and Standards | Jun 21, 2019
Green Globes 2019 accepted as a revised American National Standard
Advances include language on resilience, life cycle cost analysis, moisture control analysis, health, and effectiveness.
Codes and Standards | Jun 14, 2019
Reports from Intl. Code Council focus on expanding use of shipping containers as building materials
Three companies show compliance for using containers for housing.
Codes and Standards | Jun 13, 2019
Report explores potential for rope-less and multidirectional elevators in tall buildings
Technology can enable cities to be more interconnected, efficient, and accessible.
Codes and Standards | Jun 12, 2019
USGBC-LA launches Net Zero Accelerator
Goal is to enable building tech market adoption for a net positive future.
Codes and Standards | Jun 11, 2019
BREEAM USA In-Use standard to be released this fall
Will expand to include residential and multifamily for assessment and certification.
Codes and Standards | Jun 10, 2019
Intl. Code Council releases Natural Disaster Preparedness Guide
Provides tips for staying safe during and after a hurricane or severe weather.
Codes and Standards | Jun 7, 2019
Market conditions indicate slower growth in industrial real estate sector
E-commerce, market oversupply, rising interest rates to dampen hot market.
