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W.R. Berkley Co. unit Berkley Design Professional said Wednesday it is offering per-project primary limits of $1 million to its policyholders with a new product.
Berkley Design Professional, which specializes in professional liability products and services for the design professional industry, said in a statement that the $1 million limit applies to every project covered under policyholders’ professional liability policy from the retroactive date through the end of the policy period.
For additional premium, Berkley DP policyholders can have $1 million limits for every project their firm has ever designed for which coverage applies, the statement said.
One benefit of the program is its ability to satisfy the contractually required dedicated limits for a specific project without the purchase of additional professional liability insurance.
“For design firm owners and risk managers who struggle with the question of how much professional liability insurance is appropriate to purchase, we now offer an economical solution,” Lawrence G. Moonan, executive vice president and chief operating officer at Monterey, California-based Berkley DP, said in the statement.
W.R. Berkley Corp. said in June it has named Daniel R. Spragg president of Berkley Select, its professional liability unit.
W.R. Berkley Corp. said Monday it has named Daniel R. Spragg president of Berkley Select, its professional liability unit.