Berkshire Hathaway Specialty Insurance (BHSI) launched Professional First Bankers Professional Liability Insurance in the US, adding to its executive and professional liability products for financial institutions.
"We are pleased to introduce our deep professional liability underwriting, claims expertise and financial strength to the U.S. banking sector," said Tom Kocaj, Vice President, Head of Financial Institutions, BHSI.
"With our Bankers Professional Liability policy, we are bringing to market coverage that is tailored to evolving banking exposures, while providing financial security now and for years to come."
Professional First Bankers Professional Liability Insurance offers banks, their executives and employees, coverage for alleged errors or omissions in professional services rendered to customers.
The policy expands the definitions of "Professional Services" and "Claim," and can be enhanced to include lender’s liability. Coverage is customizable for banks of all sizes.
With the addition of Professional First Bankers Professional Liability Insurance, BHSI expands its slate of executive and professional liability products for banks. The company previously introduced Executive First D&O Liability Insurance and Fiduciary Liability Insurance, and also writes Financial Institutions Bonds for its banking customers.
Bankers Professional Liability is the third offering in BHSI’s Professional FirstTM suite of products.
It joins Asset Management Liability Insurance, which provides errors and omission and directors and officers insurance for mutual funds, alternative funds and asset managers, and Insurance Company Professional Liability Insurance, which provides errors and omissions coverage for US insurance companies, executives and employees.
All of the products in the Professional First suite are designed to provide clear, current coverage, customized for the professional services risks of financial institutions.
Berkshire Hathaway Specialty Insurance provides commercial property, casualty, healthcare professional liability, executive and professional lines, surety, travel, programs, and homeowners insurance.