Professional Liability insurance has expanded well beyond the "learned professions," such as lawyers, doctors, accountants, engineers and architects.

Now, anyone who provides a specialized service for a fee — think event planners, for example — needs professional liability coverage, explains Dan Kumpf, global head of professional liability at XL Catlin.

Rates in this line remain steady, with some declines in certain classes. David Lewison, senior vice president and national practice leader of professional lines for AmWINS Group in New York, says markets are consolidating; however, loss experience in certain industries may result in a rise in rates. "Companies have gotten better at raising rates reasonably because the availability of big data allows insurers to target companies and industries with micro-increases when they make sense, for example, in hospitality, tech and entertainment," he notes.

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Rosalie Donlon

Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].

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