Berkshire Hathaway Specialty Insurance Co. (BHSI) has introduced Professional First™ Asset Management Liability Insurance for mutual funds, alternative funds and asset managers in the Asian market.
BHSI describes the coverage as a “comprehensive and clearly worded professional liability, directors & officers liability, employment practices liability and crime coverage….”
Volatile investment markets coupled with increased regulatory oversight and operational exposures have left asset managers throughout Asia more vulnerable to claims than ever,” said Marcus Portbury, senior vice president, regional head of Third Party Lines for BHSI in Asia.
“Our Professional First Asset Management Liability Insurance provides the comprehensive coverage these professionals need in a highly customizable form, backed by the balance sheet and claims handling expertise of BHSI,” he added.
Asset managers can pick and choose coverage combinations and limits to suit their needs, BHSI said in a statement, explaining that the coverage encompasses a variety of professional services provided by asset managers and can be tailored for investment structures and vehicles across all investment classes and geographic locations.
Coverage for costs incurred to proactively mitigate claims or potential claims is built into the policy, BHSI added. The Asset Management Liability policy also automatically extends coverage to new funds the insured creates or acquires during the policy period (with no restriction on asset or fund size) and to new subsidiaries the insured creates or acquires during the policy period within an asset threshold.
Asset Management Liability Insurance is the latest addition to BHSI’s Professional First suite of professional liability products which provide coverage for professional services rendered by financial and commercial firms.
Source: Berkshire Hathaway Specialty Insurance