AE Blog - State of the Market for Professional Liability Insurance
Most architects and many engineering firms have been significantly impacted by the current recession. Many architects have seen revenue reductions of 15% – 25% and design firms tied to the housing market have seen even further reductions in revenue. As such, these firms are hoping to see a parallel reduction in their professional liability insurance premiums at renewal time. While the underwriters at the insurance companies are sympathetic to this situation, the economy has hurt them also. There are a number of factors that are pushing insurance companies to increase rates. To read more about these engaging issues regarding architectural professional liability, engineering professional liability, architect e&o, and engineer e&o, read our article.