Not one of the major insurers participating in the architects and engineers professional liability insurance market foresees lower rates for the coverage in 2011, according to a just-published broker’s survey.
Washington, D.C.-based insurance broker Ames & Gough, which conducted the survey, said that higher claims frequency driven by the economy and elevated defense costs in the age of electronic discovery are among the factors fueling the change.
The broker’s survey found that half of the major insurers of professional liability insurance for architects, engineers and construction professionals in the United States will seek rate increases this year. The other half said they plan to maintain rates for the year.
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