Berkshire Hathaway Specialty Insurance Co. (BHSI) announced it has launched Professional First Financial Institutions Civil Liability Insurance in Australia and New Zealand.
“Many forces have shifted the risk landscape for financial institutions, from the lessons learned from the complex litigation of the global financial crisis, to the rise of new disruptive technologies and novel ways of conducting business,” said Vincent Barker, manager, Financial Institutions, BHSI, Australia. “We’re pleased to offer a market-leading civil liability policy wording that keeps pace with these changes and provides clarity of coverage and flexibility for financial institutions.”
BHSI’s new policy addresses the broad range of claims financial institutions can face as they provide diverse services to many different parties, the company said, explaining that an expansive “professional services” trigger is used, which is not linked to a client, fee or specified service.
“The policy also covers bail bond costs, deprivation of assets expenses, court attendance and prosecution costs, providing peace of mind to insured professionals,” BHSI said.
BHSI’s new civil liability policy also includes pre-investigation loss coverage as well as contractual liability and mandatory contractual terms coverage, the company continued.
BHSI said it has an appetite to cover mid-size and large financial institutions of all types – from insurance companies and banks, to financial administrators, financial technology providers, and M&A/corporate advisory firms.
“Our new civil liability policy wording for financial institutions provides certainty for the often complex risks of the financial institutions space,” said Karen Poching, senior underwriter, Executive and Professional Lines, BHSI, New Zealand. “We are pleased to add this essential coverage to our growing suite of policies for financial institutions.”
Source: Berkshire Hathaway Specialty Insurance
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