Pricing is very crucial for every underwriter in insurance industry. The premium rate set by an underwriter must obtain profit for the company considering that the insurance policy is at risk of numerous numbers of covered perils. Also on this note, the price should be at the rate that motivates people to purchase the service. The depth of this research is how to update the current pricing of insurance for engineering projects that will benefit the insurance company. There are various models with various parameters considered for setting the premium rate of the insurance of engineering projects. These were examined to become more compatible on the insurance of engineering projects. The outcome shows that premium rate will increase from 5% to 15% of the existing rate. Better insurers’ premium to loss ratio will be easily attained with this scenario. But on the side on the insured this is something that they would consider before getting the insurance. So, with this scenario the insurer should always be flexible to the wants of the insured and make the necessary adjustments for the benefit of the insured and insurer.