If an engineer assumes responsible charge of a design project, then he assumes all of the liability that goes with that design up until the statute repose or limitation of that state expires. The statute of repose varies with states, but can range from a few years to ...forever! Most states are reasonable and cap the statute at somewhere between 8 and 15 years (in my home state, it is 10 years). If there is a design defect, leading to failure or defined and proved damages, within that statute of repose, then the design professional can be held responsible, assuming that he did not meet the standard of care or was negligent.
Assuming from your website you are in New Jersey, I believe your state has similar requirements as found in New Jersey Statute:
2A:14-1.1. Damages for injury from unsafe condition of improvement to real property; statute of limitations; exceptions; terms defined
1. a. No action, whether in contract, in tort, or otherwise, to recover damages for any deficiency in the design, planning, surveying, supervision or construction of an improvement to real property, or for any injury to property, real or personal, or for an injury to the person, or for bodily injury or wrongful death, arising out of the defective and unsafe condition of an improvement to real property, nor any action for contribution or indemnity for damages sustained on account of such injury, shall be brought against any person performing or furnishing the design, planning, surveying, supervision of construction or construction of such improvement to real property, more than 10 years after the performance or furnishing of such services and construction. This limitation shall serve as a bar to all such actions, both governmental and private, but shall not apply to actions against any person in actual possession and control as owner, tenant, or otherwise, of the improvement at the time the defective and unsafe condition of such improvement constitutes the proximate cause of the injury or damage for which the action is brought.
b.This section shall not bar an action by a governmental unit:
(1)on a written warranty, guaranty or other contract that expressly provides for a longer effective period;
(2)based on willful misconduct, gross negligence or fraudulent concealment in connection with performing or furnishing the design, planning, supervision or construction of an improvement to real property;
(3)under any environmental remediation law or pursuant to any contract entered into by a governmental unit in carrying out its responsibilities under any environmental remediation law; or
(4)Pursuant to any contract for application, enclosure, removal or encapsulation of asbestos.
[highlight]If you guarantee a design for a period longer than the statute of repose or limitation, you're typically stuck with the guarantee period![/highlight]