Retired Design Professionals
Excess Coverage for Retired Design Professionals
As more design professionals decide to retire, the issue of adequate professional liability insurance during retirement becomes an important question. Given all of the uncertainty in today’s business and litigation climates, simply relying on your prior design firm to maintain their Professional Liability insurance policy and have the necessary limits to protect your assets while in retirement is not necessarily the best or safest option.
Berkley DP has the answer. With our Excess Coverage for Retired Design Professionals, a retired design professional can have greater peace of mind as to the availability of coverage to protect them individually in the event a professional liability claim occurs during retirement. Berkley DP’s coverage applies as excess of your prior firm’s Professional Liability insurance policy, or, in the event your prior firm did not maintain their coverage, this policy will apply as excess of the deductible you choose for the policy.
Your prior firm does not have to be a Berkley DP policyholder to take advantage of this innovative coverage!
Helping retired design professionals to be better protected and sleep better at night, just another reason we are…Better by Design®.
- Excess coverage will apply over:
- the coverage provided to the Retired Design Professional on their prior firm’s Professional Liability policy, or
- the deductible on this policy
- Coverage will follow form of the Underlying Insurance from the prior firm and is subject to any limiting terms of the Berkley DP policy
- Berkley DP standard Professional Liability policy will be issued and endorsed with:
- Excess Retired Design Professional Endorsement
- Aggregate Term Limit Endorsement
- Coverage Limited to Prior Acts Endorsement
- Two limit and deductible options are available:
- $500,000 Per Claim and Aggregate Term Limit with $5,000 deductible, or
- $1 million Per Claim and Aggregate Term Limit with $10,000 deductible
- Policy Terms are available from one to twelve years depending on Statute of Repose
Products and services are provided by one or more of insurance company subsidiaries of W. R. Berkley Corporation. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject to the actual terms and conditions of the policies as issued.