Wherever Your Next Adventure Takes You, Have Peace of Mind with a Run-Off Policy

Posted by & filed under BDP Blog.

By Barbara Block
Assistant Vice President, Senior Underwriter

May 5, 2022

You’ve worked hard for many years. Started your own business. Weren’t sure if you would make it, but you did. And, you fulfilled your dream of being the owner of a design professional firm. Congratulations!

Now the beach – or mountains or lake – summon you. It’s time to relax and enjoy the fruits of your labor with family and friends. Put all the pressure and stress of owning a business behind you. You’ve earned it and deserve it. But there is one more thing that you have to take care of to protect your future – purchase a run-off policy from Berkley Design Professional.

We know, another insurance policy? I thought I was done with that process, you say. Unfortunately, not. You see, even though your firm has closed its doors, you could still be liable for claims alleging wrongful acts for the services provided prior to the closure.

To protect yourself, you should purchase a form of tail coverage. Tail coverage covers incidents (claims) that happened during the time your professional liability policy was active, but were not reported until after the policy expired.

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Complimentary Webinar: Managing Risk through Effective Contracts

Posted by & filed under Events.

Presented by:
Diane P. Mika, VP, Director of Risk Management Education, Berkley Design Professional
Andrew D. Mendelson, FAIA, Senior Vice President, Chief Risk Management Officer, Berkley Design Professional

Thursday, June, 2, 2022
10:00 a.m. Pacific Time/1:00 p.m. Eastern Time
1.5 AIA Learning Units
1.5 RCEP Professional Development Hours

Berkley DP policyholders who participate in this program can qualify for a 15% Risk Management Education credit. Contact your agent for further information*

Your professional services agreement is an essential tool in managing your exposure to risk. An equitable contract fairly apportions risk, while an onerous contract can shift inordinate—and sometimes uninsurable—liability to you. The terms and conditions of the agreement establish the roles and responsibilities of the design professional and the client. The contract review and negotiation process provide you with an opportunity to set reasonable expectations with your client. And, in the event of a claim or dispute, your contract is the first piece of documentation the claims examiner will request.

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