By Diane Mika
Vice President, Director of Risk Management Education
Berkley Design Professional, a Berkley Company
At its simplest, insurance can be described as “a piece of paper and a promise.” Customers buy a
piece of paper (an insurance policy) and the insurance company promises to pay in the event there
is a claim.
It’s no secret that professional liability claims against architects and engineers can be expensive—both to the insurance company (cost of resolving claims and paying damages) and to the policyholder (paying deductibles). In addition to the hard costs of resolving a claim, design firms must also absorb the soft costs: lost staff time, lost opportunities, diminished relationships and increased future insurance premiums.
Therefore, the key to mutually assured success is mitigating claims. That’s where BDP Risk® comes in!
Our risk management education program provides relevant learning from the practitioner’s perspective coupled with the wisdom of decades of experience in the insurance industry. Based on a solid understanding of what factors and situations lead to claims against architects and engineers, our BDP Risk® training resources, materials and courses are designed to teach effective practices and strategies that can be put to immediate use to help customers avoid risk and reduce the frequency and severity of claims.
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