Sustained and continued growth in real estate and construction means architects & engineers business is booming, and firms are shopping for coverage with ample capacity.
PRODUCT: A&E professional liability
COMPANIES: QBE North America, AmWINS Program Underwriters
BEST RATING: A (Excellent)
AVAILABILITY: Coverage is available to agents with an existing AmWINS relationship. Referrals are welcome and can be submitted to a local AmWINS office or directly to the A&E submissions department.
FOCUS: As plans begin for significant investments in U.S. infrastructure projects, the demand for engineers and surveyors has increased. Meanwhile, architect & engineer firms have recovered from the 2008 recession, resulting in an increase in gross billings.
“The combination of these two factors will result in a growing exposure base in the A&E space for the next several years,” explains David Zell, VP, E&O programs for alternative markets, QBE North America.
Sustained and continued growth in the real estate and construction means A&E business is booming, and firms are shopping for insurance options with ample capacity. As a result, the A&E insurance market is now more competitive than it has been in years—and insurers are jostling for a share in the profit with new and improved programs.
In response to this ripening market, QBE North America has launched a strategic partnership with AmWINS to offer professional liability coverage for architects, engineers and other design professionals.
In fact, the demand was so high that QBE went from a concept to a fully functioning, customized program in only six months. “By combining the expertise of talented, experienced A&E underwriters with the corporate resources of AmWINS and QBE, we are certainly responding to a need in the marketplace,”
Zell says.
COVERAGE DETAILS: For primary practice policies, limits are available at $5 million per claim, with a $5-million aggregate. Insureds also have the option of selecting specific project and client excess limits.
But Zell notes that “coverage can be customized to respond to individual needs.” Available coverage features include:
- Pre-claims assistance.
- Crisis management.
- Voluntary mediation credit.
- Pre-approved counsel.
- Claims anywhere in the world.
- Waiver of subrogation.
- Technology.
- Consent to settle 50/50.
- Joint venture coverage.
- Punitive damages where insurable.
- Most favorable venue.
- No copyright or trademark exclusion.
UNDERWRITING: QBE requires a currently signed and dated A&E application and five years of loss runs. Underwriting and rates depend on each firm’s individual characteristics.
MINIMUM PREMIUM: N/A.
TARGET: Architects, engineers, design professionals and businesses that generate between $1 million and $10 million in annual revenue.
COVERAGE TERRITORY: The coverage applies to wrongful acts that take place anywhere in the world, but is intended for U.S.-based firms.
COVERAGE AVAILABILITY: All U.S. states.
CONTACT: David Zell, vice president and underwriting leader, specialty programs; QBE North America, 55 Water St., New York, NY 10041; 860-408-3308.
Will Jones is IA assistant editor.
