How Berkley Service Professionals Helped a Broker Turn a Crisis into a Long-Term Success

Posted by & filed under BSP Blog.

By Tom Rea
Executive Vice President, Berkley Service Professionals, a Berkley Company

August 12, 2025

Success in excess and surplus (E&S) lines insurance is not only about having the most competitive pricing or the broadest coverage. It’s also about partnership, problem-solving and putting in the work when the stakes are high. Berkley Service Professionals is built around these values.

Here’s how we helped one broker rescue a key client after a seven-figure loss and why brokers continue to count on us for fast, reliable solutions to their most complex errors and omissions (E&O) challenges.

A Broker in Crisis

The broker’s client was a seasoned insurance professional who experienced a single, substantial claim under the agency’s E&O policy. Ultimately, the agency received a non-renewal notice, and their broker had to approach the market for a new solution.

The broker worked hard to find the same $5 million coverage limit, but most markets either declined the risk or provided only retro-inception coverage, leaving the client without prior acts protection. With the expiration date just weeks away, the broker asked for help from Berkley Service Professionals.

A Collaborative Process

We reviewed the seven-figure claim details with the broker and saw it for what it was: an unfortunate, isolated incident at an otherwise well-run insurance agency with no prior claims.

To confirm that understanding, our underwriting team arranged a call with the insured’s leadership, general counsel, and producers. This gave them the chance to explain what had happened and to share the safeguards they had put in place to prevent future claims.

This conversation showed a level of professionalism, transparency, and proactive risk management that gave our underwriters the confidence to take on the risk. We offered the full $5 million policy the client needed, including prior acts coverage. Two years later, we’re still on the account, and the relationship with the broker is stronger than ever.

Why Brokers Choose Berkley Service Professionals

This example shows the value we provide to brokers through our extensive underwriting insight, engagement and speed of service.

(more…)

Knowing the Policy Helps Brokers Provide Top-Notch Service

Posted by & filed under BSP Blog.

By Tom Rea
Executive Vice President, Berkley Service Professionals, a Berkley Company

January 22, 2025

As an insurance professional, it’s vital to have a good understanding of professional liability insurance policies. It’s especially important to know what the policy covers and how it responds to various incidents that may occur. Whether your client works in real estate services, insurance services or other service industries, you can provide better assistance if you are well-versed in the nuances of professional liability insurance policies. To prepare yourself for any questions your client may have, it’s important to know who qualifies as an insured, what professional services are covered, what endorsements are needed and what exclusions are in the policy.

Who is an Insured?

For Berkley Service Professionals’ Professional Liability policies, an insured typically is the Insured Organization, which means any named insured designated on the policy declaration, and any subsidiary, which is generally defined as an entity in which the named Insured owns more than 50% interest.

In addition, an independent contractor and an employee are both considered insureds, but only for services performed on behalf of the organization. Other individuals who may qualify as insureds include a partner, principal, officer, director, shareholder, managers, and members, but only for services performed on behalf of the organization.

Finally, named insureds and additional insureds may be added via endorsements to the policy. If you have any questions, always refer to the policy for specific and complete definitions and speak with an underwriter for additional clarification.

(more…)

Live Event: Risk Management Best Practices for Real Estate Professionals

Posted by & filed under Events.

Presented by:
Jay S. Gregory, Partner, Gordon Rees Scully Mansukhani
Tom Rea, Executive Vice President, Berkley Service Professionals

Wednesday, October 2, 2024
10-10:30 AM Pacific
12-12:30 PM Central
1-1:30 PM Eastern

Register Now

Real estate is a difficult and demanding profession. It can also be risky especially when disappointed buyers or sellers improperly blame you when things don’t go as they expected.

In this half-hour live event, we will:

  • Explore the risks inherent in real estate transactions
  • Provide guidance for managing and minimize these risks
  • Discuss how to avoid conduct that can create an exposure to a professional liability claim
(more…)

How Do Agents Advise Clients Who Become Consultants?

Posted by & filed under Published Articles.

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.

(more…)

Tom Rea Named Executive Vice President of Berkley Service Professionals

Posted by & filed under News Releases.

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.”

(more…)