Commercial Lines

The collapse of the Francis Scott Key Bridge is a complicated issue—one that is likely to include marine hull, liability and cargo losses, as well as business interruption claims.

Although project contracts and insurance coverage offer essential protection, independent agents should encourage architects and engineers to remain vigilant with risk management and training to protect themselves from a volatile claims environment.

Here are three foundational risk management considerations that agents should know to help improve clients’ insurability in the current architects & engineers liability market.

In an evolving marketplace and increasingly litigious environment, educating A&E clients about purchasing professional liability coverage is particularly important.

While professional liability limits for many architecture & engineering firms have remained consistent, a changing landscape and severity of court verdicts is causing some carriers to reevaluate their appetite.

As the architects & engineers market hardens in reaction to demand for professional design services, independent agents can play a significant role in helping their clients secure coverage.

The architects & engineers insurance market continues to deal with inflation, climate change-related claims and the impact of the COVID-19 pandemic.

The new architects & engineers professional liability policy provides design professionals with professional, pollution and cyber liability coverage, as well as robust risk management services.

In a competitive market, agents can gain an edge on the competition and reel in new business by thinking outside the box when it comes to clients and services.

The last decade in architects & engineers insurance has been highly competitive, but escalating challenges are leading to a hardening of the market in the large account space, which may eventually trickle down.