Thankful for Insurance? You betcha!

Posted by & filed under BDP Blog.

By Victoria (Tori) Rabadi
Assistant Vice President, Marketing Communications

November 10, 2021

Say the word insurance to almost anyone and watch them roll their eyes while a disinterested look comes over their face. This, my friends, is not the response people in the insurance industry deserve.

Most of us are fortunate and should be thankful we have insurance coverage available to protect and stabilize our lives and businesses if a disaster or unexpected event strikes. As such, a little gratitude and thankfulness is in order.

It would be wise for us to reconsider how we think about insurance. Insurance is amazing! There, I said it and I mean it. Here is why.

Let’s remember that insurance protects people and businesses against financial losses, damages, and injuries associated with unforeseen events. It protects your health, your life, your home, your property, your car, your business and your reputation; any of which should you lose, would be devastating, to say the least. Wow—insurance does all of that? Amazing!

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Parenting Advice That Can Save You Money on Professional Liability Insurance

Posted by & filed under BDP Blog.

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

October 4, 2021

Parents often struggle with ways to get their children to develop good habits that will serve them well later in life. There is the age-old debate of the carrot versus the stick and which one, reward or negative consequences works best.

At Berkley Design Professional, we come down squarely in the carrot column! We believe that positive reinforcement is the way to encourage our policyholders to develop beneficial risk management habits.

Berkley Design Professional policyholders can earn up to 40% in credits on their annual professional liability insurance policy. Yes, we did say 40%. How, you ask? I would be happy to explain.

Policyholders that use a limitation of liability clause in their contracts for professional services can earn up to a 25% premium credit each policy year. More specifically, we look at the percentage of fees that a design firm has under contracts with limitation of liability clauses with the liability limited to $250,000 or less and we take that percentage and cut it in half to arrive at the credit percentage–up to a maximum of 25% credit. For example, if a design firm has 40% of their fees derived from contracts that contain a limitation of liability clause limiting their liability to $250,000, then that firm would earn a 20% premium credit. It is that simple!

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