Berkshire Hathaway Specialty Insurance (BHSI) has introduced a new Professional First Asset Management Liability Insurance policy.

The new product offers clear and customizable errors and omissions (E&O) and directors and officers (D&O) insurance for mutual funds, alternative funds and asset managers.

BHSI financial institutions head and vice-president Tom Kocaj said: "Professional First Asset Management Liability Insurance is expansive, simply-stated D&O and E&O coverage, delivered with the financial strength and claims handling expertise of BHSI.

"We are pleased to be able to offer this flexible and far-reaching protection for asset managers."

The policy can be enhanced to include fiduciary liability, employment practices liability and cost of corrections coverage.

BHSI noted that the policy includes broad definitions of both professional services and claim, and limited exclusions.

The company plans to expand its Professional First line in early 2015, introducing professional liability coverages for banks and insurance companies.

BHSI offers commercial property, casualty, healthcare professional liability, executive and professional lines, surety, travel, programs, and homeowners insurance for customers domestically and internationally.