PRODUCT: Per-project primary limit coverage on architects & engineers professional liability
COMPANY: Berkley Design Professional, a division of Berkley Alliance Managers
BEST RATING: A+ (Superior)
AVAILABILITY: Coverage is available through retail brokers that specialize in working with design firms.
FOCUS:Berkley Design Professional, which specializes in professional liability products and services for the design professional industry, now offers the per-project primary limit coverage as a professional liability coverage option.
The term “materials transparency” has quickly grown in importance among building owners, developers, design firms and associations based on the industry’s growing ecological concerns.
Simply put, materials transparency requires manufacturers to disclose the content of building products with the goal of creating more sustainable and healthful indoor environments. To meet these objectives, contractors and construction executives will be seeking additional material information and content reports during the specification and construction submittal process.
However, new trends like this often translate into additional risks. Responsibility, unless clearly contracted, is often not readily apparent when products do not work as advertised or cause unexpected negative impacts.
New Limit Option Provides Dedicated Limit for Projects
Carmel-by-the-Sea, CA (September 7, 2017) – 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.
When properly implemented, building information modeling (BIM) has a significant impact on infrastructure by increasing the productivity, efficiency and quality of design and construction projects.
Initially used primarily for vertical building efforts, BIM is now also being frequently used on horizontal projects. In both cases, BIM enables designers and engineers to make earlier informed decisions about the specification of materials as well as identify and resolve conflicts.
Carmel-by-the-Sea, CA (July 11, 2017) – Berkley Design Professional (Berkley DP), a division of Berkley Alliance Managers, a Berkley Company, has significantly bolstered its underwriting staff with the addition and promotion of five professionals.
“We are dedicated to providing the best possible service to our brokers and insureds,” said Larry Moonan, executive vice president, chief operating officer of Berkley DP. “We believe our recent additions and promotions will play a prominent role in our company’s continued rise as a reliable and established risk management and loss prevention partner.”
Albany, N.Y. (June 6, 2017) – Berkley Alliance Managers, a Berkley Company, announced today that Anthony Andersen has been named senior vice president, professional liability claims manager. He will be responsible for providing managerial oversight to the company’s claims staff.
According to the American Institute of Architects (AIA), nonresidential building spending in 2015 was close to $360 billion, with forecasts estimating this number to hit $390 billion in 2016. The 2016 Dodge Construction Outlook also recently predicted a 9 percent gain in this sector. Multifamily housing, as well as commercial and institutional building, will expect to benefit from this surge, according to Dodge Data & Analytics.