Insurance Premiums On the Way Up
By Staff -- Consulting-Specifying Engineer, 12/1/2003
The National Society of Professional Engineers conducts a yearly survey of A/E insurance companies. Each year, the prognosis is the same: Liable insurance premiums for A/Es will continue to climb. This year's survey was no exception.
Conducted by NSPE in cooperation with the American Institute of Architects and the American Council of Engineering Companies, the 2003 survey results find that premiums continue to move higher mainly because of losses in the worldwide reinsurance market, ongoing concerns about terrorism, fears over a proliferation of toxic mold claims and a decline in investment income.
Some of the 13 insurers that participated predicted that rates for A/E professional liability insurance could swell by as much as 30% in 2003.
For more information on the survey, go to www.nspe.org.
