In our new claims study, we provide an analysis of claims against Iowa-based constructed-related professional service firms insured by the Schinnerer and CNA program. This study illustrates the cost and effort spent by firms in defending themselves against claims. In our analysis, we examined two major factors that affect the exposure of firms in Iowa, as well as in the rest of the U.S. The two factors are the length of time between the completion of services and the filing of a claim, and the percentage of claims that resulted in payment by the Schinnerer and CNA program on behalf of policyholders. Our study reveals the fact that most claims are meritless, yet drive up operating costs for design firms and insurance costs for insurers, which in turn drive up design costs to clients.
Access the claims study here. (Access is limited to policyholders only.)