From Risk to Profit: Benchmarking and Claims Studies
This guide offers risk management guidance, claims figures, and claims scenarios broken down into such categories as client, project, contractor, consultants, and contracts, among others.
Online Benchmarking Study
We've broken down the data of this online study into four main groups:
- General claims information covering deductibles, limits, and frequency of claims;
- Large Firms
- Mid-size Firms
- Small Firms
Within each billing and discipline category, we analyzed claims data by region, the project types that generated the highest frequency (claims reported) and severity (dollars spent), and claimant identification.
General Claims/Benchmarking Information
Large Firms (annual billings above $5 million)
Mid-size Firms (annual billings between $500,000 and $5 million)
Small Firms (annual billings less than $500,000)
Understanding the Claims Process
This resource is a general guide to the typical claims handling process. Professionals who have had a lawsuit filed against them say that they would have been less anxious if they had known more about what to expect during the claims handling process. By familiarizing yourself with the sequence of events in a typical claim, you can reduce the common feeling of being caught in a confusing process. For additional information on defending a claim, please see our publication on selection of counsel.
Individual Claims and Case Studies
Recent Claims Studies
Tropicana Hotel Garage Claim Study: A lesson in the applicability of professional insurance coverage
The accident that occurred in October 2003 at the Tropicana Hotel and Casino in Atlantic City, New Jersey resulted in one of the largest settlements for a personal injury case in U.S. history. The garage collapsed during construction of the eighth floor of a ten-story parking garage, killing four construction workers and seriously injuring 20 others. The settlement was for $100 million. This claim study focuses on the lead architect for the project, and provides a good example of how professional liability insurance is applied to claims.
John Hancock Building Claim Study
We take an in-depth look at the deadly accident at the John Hancock Building in 2002. Based on interviews with the architect and the architect's attorney, as well as presentations by the architect's expert witness.,the study analyzes what led to the accident, and discusses what valuable lessons can be learned to avoid similar situations in the future.
Our claims and benchmarking studies are on a 2-year revision cycle for all applicable claims studies. This means that any claims study with statistics will have data that is no more than 2 years old from the latest publication date. We're doing this to ensure our studies are always statistically relevant.
Note: Some of our studies do not include data sets due to insufficient claims numbers. However, we have included case studies whenever possible to help educate firms on the risks of these particular project types.
Studies by Project Type
Studies by Discipline
Studies by Service Type
Studies by Problem Area/Miscellaneous Studies