Check out the 2012 Professional Liability Insurance Survey in the Jan/Feb 2013 issue of Engineering Inc. Magazine.
- One incentive to switch carriers is better risk management services. Her firm might recommend a switch, for instance, if a designer moves into a specialized industry sector, such as condominium design, or if an opportunity exists to lock in a fixed premium for multiple years.
- But be careful. Pancoast says that firms that switch PLI carriers too frequently can sometimes find it difficult to find a willing insurer, particularly if a firm begins to experience claims or is driven back to the market by higher billings.
- Residential work continues to generate a lot of claims, and schools and other public projects are beginning to experience claims increases.
- Best practices for PLI coverage continue to include good communication and proper documentation.
Read the rest of the article to learn the status of the insurance industry.