In a Professional Liability market characterized overall by most brokers and insurance executives as full of capacity and relatively stable rate-wise (even if once-high Excess limits are harder to get now than they used to be), recent discussions of this line include talk of hardening in the Architects & Engineers (A&E) market.
The sluggish building economy continues to significantly impact A&E. With fewer construction projects under way than in previous years, professionals are bidding low on contracts that often fall out of their core knowledge area—which can lead to claims after botched jobs.
"The driver is foremost the economy—and A&Es having to take available business that may not necessarily be in their field of expertise," says Ronna Green, vice president of Professional Liability at Scottsdale Insurance in Arizona. "That leads to errors, then to claims, then to underwriting adjustments."
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Shawn Moynihan
Shawn Moynihan is Editor-in-Chief of National Underwriter Property & Casualty. A St. John’s University alum, Moynihan has earned 11 Jesse H. Neal Awards, the Pulitzers of the business press; seven Azbee Awards, from the American Society of Business Press Editors; two Folio Awards; and a SABEW award, from the Society of American Business Editors & Writers. Prior to joining ALM, he served as Managing Editor/Online Editor of journalism institution Editor & Publisher, the trade bible of the newspaper industry. Moynihan also has held editorial positions with AOL, Metro New York, and Newhouse Newspapers. He can be reached at [email protected].
