PRODUCT: $1 Million Per Project Primary Limits Coverage

COMPANY: Berkley Design Professional, a Berkley Company

BEST RATING: A+ (Superior)

AVAILABILITY: Coverage is available through Berkley Design Professional-appointed brokers only.

FOCUS: Berkley Design Professional’s $1 Million Per Project Primary Limits Coverage addresses the current business litigation climate and provides a solution for both design firms and owners or developers.

Firms can now buy a $1-million limit that applies to every project they have ever worked on going back to the retroactive date on their policy and to which coverage applies and for a price that is very close to what they have paid in the past for a split limit.

“This new product changes the way design firms think about and purchase professional liability insurance,” says Lawrence G. Moonan, executive vice president, chief operating officer, Berkley Design Professional. “Currently, no other architect’s and engineer’s professional liability insurance company offers this coverage.”

COVERAGE DETAILS: The $1 Million Per Project Primary Limits Coverage is different from traditional limits or split-limits professional liability insurance coverage.

With traditional limits or split-limits, every claim payment reduces the overall policy aggregate creating potential situations where the firm may not have adequate limits in the event of a large claim or multiple claims. With $1 Million Per Project Primary Limits Coverage, the firm would have $1-million limits for every project the firm has designed since the retroactive date of its policy and for which coverage applies.

Additionally, there is no need to schedule or list all of the projects on the policy in order for coverage to apply.

“This new and innovative approach provides better and more cost-effective protection for design firms, their firm principals and other firm members authorized to sign-and-seal plans and specifications,” Moonan says.

UNDERWRITING: Design firms with unfavorable claims history will not be accepted.

MINIMUM PREMIUM: N/A.

TARGET: Design firms with annual revenue of less than $15 million. Architects; engineers, including but not limited to civil, electrical, structural, mechanical and geotechnical; land surveyors; landscape architects and other licensed design professionals.

COVERAGE AVAILABILITY: All 50 U.S. states and Washington, D.C.

COVERAGE TERRITORY: Worldwide.

CONTACT: Bob Connor, senior vice president, chief marketing officer, Berkley Design Professional; 405-805-6635.

Will Jones is IA senior editor.