View this article online: https://www.insurancejournal.com/news/national/2016/10/27/430629.htm
Berkshire Hathaway GUARD Insurance Companies has launched a miscellaneous professional liability policy in New Jersey with expansion into a half dozen more states by the end of 2016.
The company’s new product is a separate line targeting more than 50 classes. Limits start at $100,000 per claim/$100,000 aggregate and can range up to $3 million with higher amounts considered. A range of endorsements are available, and extended reporting periods are available in yearly increments up to five.
Key coverages built into the claims-made policy include up to $10,000 for disciplinary proceedings and $500 per day for loss of earnings due to court appearances. The product is designed to insure a variety of miscellaneous professions ranging from graphic designers, travel agents, consultants, appraisers, and event planners to the staff at call centers, computer services operations, and many more places of business.
In March 2016, Berkshire Hathaway GUARD introduced a lawyers professional liability product that can be written on a stand-alone basis or as a complement to other lines and is available in 13 jurisdictions. Miscellaneous professional liability is the second category being targeted as part of the company’s expansion plan kicked off in 2013.
According to GUARD CEO and President Sy Foguel, the company’s expansion plans began with its move to write workers’ compensation coverage in all 46 non-monopolistic states plus the District of Columbia.
Foguel said by the end of 2017 the company plans to write businessowner’s policies and commercial umbrellas nationwide; and is also actively entering new states with commercial auto. These lines and professional liability are part of its BizGUARD Plus product.
GUARD Vice President Joseph Lincks said an architects and engineers policy is already in development with others set to follow.
In October of 2012, GUARD Insurance Group was acquired by National Indemnity Company, which is a wholly owned subsidiary of Berkshire Hathaway – an international holding company with diverse interests that include insurance and reinsurance. In 2013, GUARD unveiled a new identity as Berkshire Hathaway GUARD Insurance Companies.