Berkshire Hathaway Specialty Insurance (BHSI) has introduced executive and professional lines products for private companies in the US.
Part of the executive first private company portfolio, the firm is offering directors and officers liability, employment practices liability (EPL), fiduciary liability, employed lawyers liability and commercial crime insurance products to the privately held businesses.
BHSI executive and professional lines head Dan Fortin said: "Our private company portfolio provides substantive coverage and value in a contemporary and comprehensive form, backed by BHSI’s financial strength.
"The new form is the first step in our long-term strategy of providing simple, concise management liability solutions for private companies. A similar solution, tailored for nonprofit risks, is coming soon."
The company is providing new products with shared or separate coverage limits of up to $50m.
According to the company, the customers purchasing the EPL coverage part will benefit from the firm’s EPL First, which offers access to an on-line repository of HR training and compliance resources and attorney-client privileged help line services from an employment attorney.
Employment and labour law firm Littler Mendelson will provide both services for the customers.
BHSI intends to initially target private companies with revenue in excess of $15m.
Last October, BHSI launched two new policies in the US, which provide cyber liability and breach response coverage with risk management resources.
Part of the firm’s professional first suite of professional liability products, the new policies include the professional first network security and privacy policy, as well as professional first professional liability and network security and privacy policy.
BHSI provides commercial property, casualty, healthcare professional liability, executive and professional lines, surety, travel, programs, and homeowners insurance services to its customers.
Image: BHSI has launched executive first private company insurance portfolio in the US. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.