Respondents are a representative sample of a cross-section of engineering firms. Findings are used by ACEC member firms, risk-management professionals, and advocates of national and state tort reform. Respondents represent a statistically representative cross-section of engineering firms with various firm sizes and disciplines represented. Only a portion of the overall survey results is presented here. While the good news is minor relief, there are still many challenges facing engineering firms reflected in the data.
Statistics can be reflective of real life.
Richard Crowell, senior vice president with DPIC Companies, a leader in insuring engineering firms, notes that his customers continue to buy higher limits with lower deductibles. Crowell says there are many contributing factors, competition in the insurance industry is one. Additionally, firms are managing risk much better, and firms are generally contracting better than before. However, Crowell sees potential for a stumble in today s environment. A future concern for the industry may be that firms are working at peak capacity and are employing additional staff.