Carmel-by-the-Sea, CA, September 07, 2017 --(PR.com
)-- Berkley Design Professional (Berkley DP), a division of Berkley Alliance Managers, a Berkley Company, has become the first provider in the architects & engineers professional liability segment to offer “Per Project Primary Limits” coverage to design firm customers. This new limit structure provides a dedicated limit for every project a design firm has worked on after the retroactive date stated in the firm’s professional liability insurance policy, even if the Policy Aggregate Limit is exhausted.
“We believe that this new product changes the game when it comes to how design firms will think about and purchase professional liability insurance,” says Lawrence G. Moonan, Executive Vice President and Chief Operating Officer of Berkley DP. “We are offering a separate limit for all of a firm’s projects, and claims do not erode the Policy Aggregate Limit unless the Per Project Limit is exceeded. In addition, if a Policy limits claim does occur, a design firm still has the Per Project Primary Limit available for the remainder of the Policy Period.”
Berkley DP’s new Per Project Primary Limits coverage is especially designed to insulate the total available limit from erosion as long as claims related to that project don’t exceed the Per Project Primary layer. This includes ensuring the Per Project Primary Limit is available to cover all other projects during the duration of the policy; even if a lightning strike claim occurs.
For more information on Berkley DP’s Per Project Primary Limits Coverage please visit www.berkleydp.com or call Mr. Moonan at (831) 250-7082.
About Berkley Design Professional
Berkley Design Professional specializes in professional liability products and services for the design professional industry. Berkley Design Professional is a division of Berkley Alliance Managers, a Berkley Company, which is a member company of W. R. Berkley Corporation, whose insurance company subsidiaries are rated A+ (Superior), Financial Size Category XV by A.M. Best Company, and A+ (Strong) by S&P.
Products and services are provided by one or more insurance company subsidiaries of W. R. Berkley Corporation. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject to underwriting and to the actual terms and conditions of the policies as issued.