Engineering Inc. - January/February 2010 - 21

2009 PRoFEssIoNAl lIABIlITY INsURANCE sURvEY oF CARRIERs Diligence, Caution Urged UGh T Economy o By Maureen Conley AmID Competition keeps prices low, but surge in claims fuels unstable market T he majority of contractors are still very hungry, and prices are coming in about 30 percent below engineers’ estimates. John Farrar Clark Dietz fresh wave of carriers has entered the Professional Liability Insurance (PLI) market for design professionals. As a result, competition among insurance providers is holding rates steady and driving premiums down despite the rough-and-tumble economy, according to results from the ACEC/AIA/NSPE 2009 PLI Survey of Carriers. Out of an estimated 40 or more carriers offering PLI to architecture/engineering (A/E) firms, the 15 who responded to this year’s survey contend that an industrywide quest for new customers should keep prices low, at least in the short term. But fair prices alone do not shield firms of risk. John Farrar, vice president of multidisciplinary engineering firm Clark Dietz, and Timothy Corbett, president of SmartRisk, a risk and performance management consultancy for A/E firms, helped compile this year’s survey results with representatives from AIA and NSPE, conducting face-to-face interviews with 13 of 15 participating insurance carriers. Farrar says new carriers are “gaining business on low rates,” a reality that has forced existing PLI carriers to keep prices steady. What’s more, the struggling economy is contributing to lower premiums—usuJANUARY / FEBRUARY 2010 ENGINEERING INC.

Engineering Inc. - January/February 2010

Table of Contents for the Digital Edition of Engineering Inc. - January/February 2010

Engineering Inc. - January/February 2010
Contents
From ACEC to You
Market Watch
Legislative Action
Rep. Earl Blumenauer: Leading the Charge to Reform Infrastructure Funding
Logged On, Linked In
From The Ground Up
2009 Professional Liability Insurancy Survey of Carriers
Annual Convention Preview
From ACEC's Institute for Business Management
Members in the News
One on One
Engineering Inc. - January/February 2010 - Engineering Inc. - January/February 2010
Engineering Inc. - January/February 2010 - Cover2
Engineering Inc. - January/February 2010 - Contents
Engineering Inc. - January/February 2010 - From ACEC to You
Engineering Inc. - January/February 2010 - 3
Engineering Inc. - January/February 2010 - Market Watch
Engineering Inc. - January/February 2010 - 5
Engineering Inc. - January/February 2010 - Legislative Action
Engineering Inc. - January/February 2010 - 7
Engineering Inc. - January/February 2010 - Rep. Earl Blumenauer: Leading the Charge to Reform Infrastructure Funding
Engineering Inc. - January/February 2010 - 9
Engineering Inc. - January/February 2010 - 10
Engineering Inc. - January/February 2010 - 11
Engineering Inc. - January/February 2010 - Logged On, Linked In
Engineering Inc. - January/February 2010 - 13
Engineering Inc. - January/February 2010 - 14
Engineering Inc. - January/February 2010 - 15
Engineering Inc. - January/February 2010 - From The Ground Up
Engineering Inc. - January/February 2010 - 17
Engineering Inc. - January/February 2010 - 18
Engineering Inc. - January/February 2010 - 19
Engineering Inc. - January/February 2010 - 20
Engineering Inc. - January/February 2010 - 2009 Professional Liability Insurancy Survey of Carriers
Engineering Inc. - January/February 2010 - 22
Engineering Inc. - January/February 2010 - 23
Engineering Inc. - January/February 2010 - 24
Engineering Inc. - January/February 2010 - 25
Engineering Inc. - January/February 2010 - Annual Convention Preview
Engineering Inc. - January/February 2010 - 27
Engineering Inc. - January/February 2010 - From ACEC's Institute for Business Management
Engineering Inc. - January/February 2010 - Members in the News
Engineering Inc. - January/February 2010 - 30
Engineering Inc. - January/February 2010 - 31
Engineering Inc. - January/February 2010 - One on One
Engineering Inc. - January/February 2010 - Cover3
Engineering Inc. - January/February 2010 - Cover4
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