Berkshire Hathaway’s New ‘THREE’ Policy Seeks to Simplify Small Business Insurance

February 12, 2019

  • February 12, 2019 at 1:35 pm
    Mike A says:
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    Beware of insurance companies bearing gifts. A contractual liability exclusion missing the typical exceptions for things like liability that would attach in the absence of the contract has the potential to reduce coverage vis a vis the long and boring policy form with all the definitions and complicated language. Those policies may not be “fun” but they’re tested. And anyway, this is insurance, not a trip to Aruba, for crying out loud!

  • February 12, 2019 at 6:06 pm
    Retired Agent says:
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    Berkshire is one of my largest holdings, but Warren should stick to picking companies and leave the insurance product analysis to qualified agents (which are getting harder to find). Let me see the coverage forms and judge if this is such a great product.

    • February 13, 2019 at 1:32 pm
      Employed says:
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      Warren Buffett is a pretty smart guy who has owned insurance companies since 1967, so it’s fair to say he knows his way around a coverage form. His statements regarding the product are the typical marketing fluff YOU should expect (as an industry veteran). Saying he should “stick to picking companies” (for you to make money off of, no less). Seems pretty immature. Maybe you should stick to being retired?

      • February 14, 2019 at 3:24 pm
        Insurance Broker says:
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        Sometimes “smart guys” try to get too smart. Try reading up on Buffett’s Applied Underwriting work comp company and it’s many lawsuits over “bait and switch” tactics.

      • February 15, 2019 at 5:59 pm
        Bill says:
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        Policy forms are clearly not Mr. Buffett’s forte.

      • February 18, 2019 at 5:09 pm
        Augustine says:
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        I would say that Retired Agent’s comments were well within reason. If you think Warren Buffett is digging into policy forms on a daily basis by virtue of his association with insurance companies, then you might as well surmise that he also makes furniture in his spare time…

        • February 19, 2019 at 5:14 pm
          Overwriter says:
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          … or manufacturing Gillette razors?

  • February 18, 2019 at 2:59 pm
    Craig Cornell says:
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    Good luck, Warren! If you can keep the California bar association from “finding” all kinds of misrepresentations in your simplified form, good for you. But I’m betting on the sharks.

    Of course, if your policy covers very little with a blunt “Everything not mentioned is excluded” provision, maybe you can make a go of it. But most agents in competition will point out the fact that your burger has no lettuce, tomato, cheese or bun on it.

  • February 25, 2019 at 10:45 am
    Nancy G says:
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    Will this policy cover intellectual property or typical Part B type claims like defamation, etc? Anyone know. The sample policy doesn’t say.

  • December 20, 2019 at 9:50 am
    Bill H says:
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    No incidental contracts. No hired & nonowned autos. No physdam for rented autos. No employers liability. That’s for starters. This is scary.
    And like any direct writer, if there’s no coverage for a claim, good luck. Can’t ask the agent for help or recovery.

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