Source: https://www.oswaldcompanies.com/, May 9, 2023

Owners are asking architects and engineers to have higher insurance limits just in case something goes wrong, as noted in Oswald’s Spring State of the Market report. Instead of the usual $1 million limit, owners are demanding $5 million and $10 million limits.

The problem is those higher limits might not be available. Our research shows that carriers are hesitant to provide higher limits due to increased capacity and higher claim activity. Read more.