What are deductible credits?
A method of recompense that rewards our policyholders for successful risk management procedures and/or a good loss history with BDP by reducing their deductible. Multiple deductible credits are available and may reduce the policyholder’s deductible obligation up to 50% or a maximum of $50,000. This benefit should be considered when comparing deductible options from other carriers.
How many types of loss run reports are available?
We have two loss run report options to choose from:
1. A full loss run with all claims, and claim prevention files (claimant names are displayed).
2. A claim only loss run (claim prevention files are not included and claimant names are not displayed). This type of loss run may be needed when a firm is completing an RFP for a project.
How are weighted fees calculated?
For the Prime program: by using an average of 4 years of fees – the current year and the last 3 complete years. Adjustments are made for years that are less than 70% of the following year.
For the Express program: by using an average of 3 years of fees – the current year and the last 2 complete years. Adjustments are made for years that are less than 70% of the following year.
– Barbara Block | Assistant Vice President, Senior Underwriter
Why is an annual renewal application required?
Every policyholder is underwritten for acceptability and coverage terms whenever a new quote is offered. Data points from the application are entered into a rating model used for premium development. Updating the information on an annual basis ensures any changes in a policyholder’s risk profile are appropriately reflected in the renewal premium and coverages offered.
– Colleen Kennedy | Assistant Vice President, Senior Underwriter
Does your policy provide worldwide coverage?
Our policy applies worldwide. In addition, firms with projects in other countries will also have a Limited Worldwide Coverage endorsement attached. The endorsement changes coverage when claims are brought against the policyholder outside of the U.S. and will reimburse the policyholder for damages and reasonable and necessary costs of investigating and defending any such claim.
– Debbie Ferris | Assistant Vice President, Senior Underwriter
Do you offer coverage for a retiring professional?
We offer coverage for a professional retiring from his or her prior design firm. Our policy applies as Excess to the coverage provided to the retiring professional on their prior firm’s Professional Liability policy. In the event the prior firm does not maintain their coverage, our policy will apply Excess of the insured’s deductible. We are one of the few carriers to offer this coverage.
– Wayne Brockington | Senior Underwriter
How do I obtain a loss run report?
Send a request to: [email protected] or access the BDP Express Portal anytime to get a loss run report for any firm that is insured with us.
What is the minimum premium for Excess coverage?
• $2,000 per million minimum premium on a regular practice policy endorsement
• $3,000 per million minimum premium on an excess policy over other carriers
– Janet Hafner | Assistant Vice President, Senior Underwriter
What is required to obtain an Excess quote?
1. The most recent primary application
2. Currently valued 5-year loss runs
3. A completed BDP Excess application (for SJX/SCX)
4. A contract requiring the limits (for SJX/SCX)
5. Primary policy premium, limits and deductible (preferably the declaration page)
Who is eligible for a Run-Off policy?
A current policyholder who has been with Berkley Design Professional for a minimum of two years
• The firm must be eligible for a renewal quote
• The firm must have completed all projects, with minimal exceptions
– Barbara Block | Assistant Vice President, Senior Underwriter
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