Among 17 of the leading writers of professional liability for architects and engineers, only one is not planning a rate increase for this year, according to Ames & Gough. Credit: somchaikhun/Adobe Stock
Professional liability insurance rates for architects and engineers are going to see a third-consecutive year of increases as carriers voice concern regarding economic and social inflation, high-risk projects and professional fields and the growing prominence of alternative project delivery methods, such as design and build, according to Ames & Gough.
The specialty insurance broker and risk consulting firm surveyed 17 of the leading insurance carriers, which write a large percentage of the U.S. professional liability for architects and engineers, and found that only one is not planning to raise rates this year. The outlier intends to keep rates flat.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
