With Big Claims, Designer Insurance Costs Can Only Go Up
Source: https://www.enr.com/, February 25, 2022
By: Richard Korman
As the Flint water negligence trial of two engineering firms began Feb. 15 in federal court in Ann Arbor, Mich., the legal proceedings served as another symbol—and perhaps one of the most costly—of lawsuits that may generate big insurance claims and are driving steadily higher liability coverage premiums for architects and engineers.
Rocked by more multimillion-dollar claims under professional liability policies, insurers say they raised premiums in 2021 and plan to seek larger rate hikes in the future, especially from higher risk disciplines such as structural and geotechnical engineering and architecture, reports Ames & Gough, the Washington, D.C.-based brokerage. Read more.