Professional Liability Insurance

[TexasGeotech]

The PLI for my small firm just went up to $15k/yr, ouch, and that is with 0 claims. What are you other geotechs seeing for your firms? (small, medium, large)

 

[GeoPaveTraffic]

Word I've seen says that the overall market has gotten a lot tighter and that rates are increasing for everyone.

Not in a possition to share specifics.

Mike Lambert

 

[Ron]

Geotech is a high liability/high claims discipline. You get cast into the same lot as all others, without regard to your history.

 

[GeoPaveTraffic]

While Ron is correct that Geotechnical is considered a high claims discipline, your claims history does have a significant affect on your premium. I'm sure you have disucussed this with your broker.

Again, I've heard that overall the insurance market has gotten tighter with premiums increasing significantly.

Good luck.

Mike Lambert

 

[abih]

Recently I had a chat with our ACEC agent since our Experience Modified Rate (EMR) has been quite high lately due to some claims. I am told that there's a recent change of practice category like 8601 etc in some states except Texas and other a handful. Basically, you would see the engineer category going a bit lower but construction category going much higher. But overall, the premium is going up no doubt. Do not forget to update your actual payroll, which can be quite an important factor as well.