A survey by insurance broker Ames & Gough finds the insurance market for Architects and Engineers Professional Liability Insurance (PLI) firmed for the second consecutive year and a majority of insurers expect the coverage to continue to firm this year despite overall claim experience remaining flat.
The survey of 13 leading insurance companies—representing more than 70 percent of the PLI insurance to architects and engineers in the U.S.—found that 62 percent had rate increases last year. None saw their premium rates drop. Significantly, half of those with higher rates had average increases of 6–10 percent or more.
For 2013, 69 percent of insurers plan rate increases. Increases range from the low single digits to 10 percent or more with the average in the 4–8 percent range.
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