Berkley Service Professionals Announces New Manufacturers E&O Product

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Glastonbury, Conn. (May 14, 2024) – Berkley Service Professionals, a division of Berkley Alliance Managers, a Berkley company, specializing in professional liability insurance products for miscellaneous non-medical service professionals, announces the launch of their new Manufacturers E&O product.

“As a leader in the miscellaneous professional liability insurance market, we continually look for new ways to meet the needs of our wholesalers, brokers and policyholders,” said Tom Rea, Executive Vice President, Berkley Service Professionals. “We are pleased to expand our product offering to include Manufacturers E&O coverage.”

The Manufacturers E&O product covers two primary risks: damages caused by an alleged product or work defect resulting in a third-party financial loss and any related litigation expenses, excluding bodily injury or property damage. It can help protect a manufacturer from financial loss while also safeguarding its reputation.

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Free Webinar: Connectable – How to Strengthen Team Connection in the New Era of Work

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Presented by:
Ryan Jenkins, CSP, WSJ Bestselling Author & Speaker, RyanJenkins.com
Diane P. Mika, Senior Vice President, Risk Management Officer, Berkley Design Professional

Wednesday, May 15, 2024
10-11 AM Pacific
12-1 PM Central
1-2 PM Eastern

1.0 AIA Learning Unit+
1.0 RCEP Professional Development Hour+

Berkley DP policyholders who participate in this program can qualify for a 15% Risk Management Education credit. Contact your agent for further information*

Register Now

A colossal 72% of global workers feel isolated at least monthly; with 55% saying at least weekly. Remote work, advancing technology, and an always-on work culture are fracturing our relationships resulting in deep disconnection. Ryan Jenkins distills everything you need to know about what’s causing today’s workforce disconnection and how you can increase connection to boost belonging, engagement, retention, and performance with employees at every level.

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Beware the Hidden E&O Risks of Remote Work

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By Laura Gookin | November 21, 2022

Independent insurance agencies with a blended remote and in-person work environment are discovering errors and omissions (E&O) issues that were rarely seen when everyone was in the office. Whether it’s employees working longer hours than intended from the comfort of home or fewer checks and balances because there is less face-to-face interaction, the latest trends have created new risks since pre-COVID 2020. At the same time, the market hardening that followed the pandemic is challenging agencies, prompting leaders to adjust their approach to E&O risk management.

Agency Operations

Once upon a time agency staff members could gather around the water cooler to discuss the issues of the day. Agency leaders could be reasonably confident that staffers were up to speed and understood current industry trends. Now it can be more difficult to get all of the agency’s players together to cover timely topics in a half-hour, and it might not be as apparent when someone is not on the same page — particularly if they are calling in from home, off camera.

Agency employees who are processing binders, policies and certificates of insurance from home may not be able to quickly turn to a supervisor or co-worker with a question. If the remote worker doesn’t get a timely response to a phone call, email or IM, they might not get the process right. Delays in getting answers also can lead to increased processing times and risks of errors.

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How Do Agents Advise Clients Who Become Consultants?

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As more professionals are opting to provide consulting services, the accompanying insurance exposure may not be top of mind.

By Tom Rea | August 22, 2022

Given the ripples of the coronavirus pandemic over the past two years, more professionals may be hanging out their shingles and opting to provide consulting services. In making such a career change, however, the accompanying insurance exposure may not be top of mind.

After the Great Recession of 2008, the real estate market was drying up, leading some agents to try property management, home inspection and appraisal work. Unfortunately, some did not have the requisite expertise and, consequently, professional liability issues arose.

Any consultant needs to realize that as an independent contractor they no longer have an employer as a buffer between themselves and a client, and therefore need to make sure they are careful not to overstate or misrepresent their expertise.

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How to help realtor clients avoid liability risks

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Rising interest rates, high home prices, a tight labor market and a possible recession all create performance pressure for realtors.

By Paul Dillon and Donna Genco | July 11, 2022

Independent insurance agents have an opportunity to grow their book in real estate — by providing the highest-quality real estate liability risk-management to carriers and by helping realty clients avoid potentially costly exposures.

Rising interest rates, high home prices, a tight labor market, and a possible recession can all put pressure on realtors to perform fast and bend the rules. Some may even be tempted to take on the roles of other professionals to provide a quick answer or expedite a transaction.

Insurance agents who place real estate professional liability coverage need to be on top of the situation for their clients’ sake and for their own relationships with carrier partners.

Insurance agents who keep realtor “mission creep” top of mind will maximize their value to both realtor clients and underwriters.

Are there adequate guardrails?

Real estate agents sometimes find themselves delving into legal, financial and technical areas related to the sale of a property. It may be that they are trying to get a deal done expeditiously. Or, it may be they do not have easy access to a group of independent experts. Or the client may refuse to follow the realtor’s recommendation that an expert be engaged. When a realtor takes on the role of other professional advisors to a transaction, they increase their professional liability exposure.

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Jude Sedliak Joins Berkley Service Professionals as Vice President of Underwriting

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Glastonbury, Conn. (March 24, 2021) – Jude Sedliak joins Berkley Service Professionals, a division of Berkley Alliance Managers, a Berkley Company as a vice president of underwriting. He is responsible for underwriting primary and excess business within the wholesale insurance community, fostering strong broker relationships and achieving profitable growth for Berkley Service Professionals’ expanding miscellaneous professional liability, insurance and real estate services portfolio.

“Jude’s deep understanding of more than a dozen E&O insurance classes greatly enhances our ability to serve the complex needs of existing clients, while increasing our presence with new markets nationwide,” says Tom Rea, executive vice president of Berkley Service Professionals. “His specialization with numerous professional liability products including miscellaneous professional, real estate and insurance agents will further our goal to meet the ongoing market demands for new endorsements, products and services.”

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Tom Rea Named Executive Vice President of Berkley Service Professionals

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Glastonbury, Conn. (Feb. 4, 2021) – Tom Rea has been named executive vice president of Berkley Service Professionals, a division of Berkley Alliance Managers, a Berkley Company. He is responsible for overseeing the organization’s operations, strategic direction and business development efforts.

“We are excited to welcome Tom,” says Stephen L. Porcelli, president of Berkley Alliance Managers. “He has a strong track record as a leader and innovator in the Miscellaneous Professional Liability Insurance market. Tom joins an outstanding team at Berkley Service Professionals, and together, they have the expertise and experience to enhance our opportunities for profitable growth in this segment.”

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