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Architects, engineers could see higher insurance rates

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According to a recent survey conducted by a Virginia-based insurance company, professional liability insurance rates for architects and engineers are expected to increase due to the large number of natural disasters that occurred in the past year, reported Business Insurance.

The website reported 70 percent of respondents to the survey, which included leading insurance companies in the professional liability market, expect rates to increase, while last year 60 percent of surveyed insurers increased their rates. Twenty-nine percent of insurers surveyed are expected to raise their rates between six and 10 percent.

"While premiums generally are not going up dramatically, they’re not decreasing much either," said Dan Knise, president and CEO of an insurance brokerage, in a recent statement. "Even so, there are still some limited opportunities for premium savings driven by an improvement in a firm’s loss ratio or competition from one of the new insurers trying to grow its market share."  

According to the International Business Times, businesses can cut the costs of a natural catastrophe by providing a detailed list of damages that occurred, taking photos of damaged property and preparing an inventory of damaged or destroyed property.

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