How Effective Risk Management Training Can Address Potential Indicators of Risk

When weighing the risks of design and construction professionals, professional liability underwriters typically look at indicators such as a firm’s size, billings, geographic location, clients, professional services provided, and project types. Actuaries collect data on these claims indicators that help predict a firm’s risk exposure. Victor conducted a study to determine what additional factors, besides those supported by actuarial data, underwriters should look at when assessing a firm’s risk.

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Introduction The architecture and design industry is at a critical juncture. Climate change poses escalating risks to the built environment and the people who occupy it, prompting the need for immediate, proactive, industry-wide action.

The AIA Trust together with the American Council of Engineering Companies (ACEC) and the National Society for Professional Engineers (NSPE) work annually to conduct an insurance carrier review and interview of professional liability trends and risk management issues. The following are some highlights for 2023 as well as complimentary useful resources made available to you by the AIA Trust.