Berkshire Hathaway Specialty Insurance (BHSI) has introduced Executive First™ Fiduciary Liability Insurance, a new policy designed to provide straightforward, up-to-date protection for Canadian sponsors of large pension and benefit plans and their directors, officers and employees.
“Our Executive First™ Fiduciary Liability Insurance is built to deliver all the coverage our Canadian customers need in one clear, concise policy,” said Dan Fortin, head of executive & professional lines, U.S. and Canada, BHSI.
“The policy is thoughtfully designed to address the most current regulatory, litigation and pension and welfare issues facing large enterprises in Canada and is backed by our industry-leading underwriting and claims team, including Rhonda Prussack, Michael Densham, Carrie O’Neil and Todd Greeley,” Fortin added.
The new policy explicitly covers Canadian fines and penalties and features full settlor coverage (with no sublimit) to protect executives when their business decisions lead to litigation in connection with employee benefit plans. Its flexible defense agreement gives policyholders control over their own defense (with defense costs advanced), while enabling them to tender defense to BHSI if they prefer, BHSI said in a press release.
Up to $25 million or more in capacity is available (up to $100 million if required), all grounded in BHSI’s financial strength.
“Our new fiduciary liability insurance policy marks an important expansion of our primary executive lines in Canada. As we extend our capabilities beyond our directors & officers liability and Side A DIC coverages, we underscore our commitment to providing sound and simple protection for the complex exposures of our Canadian customers,” said Michael Densham, head of executive and professional lines, Canada, BHSI.
The new fiduciary liability policy is part of Executive FirstTM, BHSI’s suite of executive liability insurance products designed to provide clear, current and customizable coverage for commercial and financial firms, including those with the most complex risk-transfer needs, the company said.
Source: Berkshire Hathaway Specialty Insurance
Topics New Markets Canada
Was this article valuable?
Here are more articles you may enjoy.
Progressive Gains as Drivers Shop Around for Auto Insurance—Again 
Dubai Floods Expose Weaknesses to a Rapidly Changing Climate 
Chubb to Acquire MGA Healthy Paws From Aon 
FBI Says Chinese Hackers Preparing to Attack US Infrastructure 
