How Valuable is Berkley Design Professional’s First Claim Deductible Credit?

Posted by & filed under BDP Blog.

By Robert J. Connor, JD, CIC
Senior Vice President, Chief Marketing Officer, Berkley Alliance Managers, a Berkley Company

While professional liability is a real risk to all design firms and purchasing professional liability insurance is a prudent course of action, the fact is that many design firms never have a claim. Berkley Design Professional’s First Claim Deductible Credit recognizes that fact and provides policyholders with significant savings on their deductible if they meet the requirements in the policy.

The specific policy1 language is:
If the first Claim you ever report to us is made against you:

  1. Greater than 24 months after the Knowledge Date shown on the Policy Declarations, then your Deductible obligation for that Claim may be reduced by 25%, subject to a maximum reduction of $40,000; or
  2. Greater than 36 months after the Knowledge Date shown on the Policy Declarations, then your Deductible obligation for that Claim may be reduced by 50%, subject to a maximum reduction of $40,000

If more than one Deductible Credit applies, your Deductible obligation will be reduced by 50%, subject to a maximum reduction of 50%.

(more…)