BHSI provides professional liability for insurers

Berkshire Hathaway Specialty Insurance introduced Professional First Insurance Company Professional Liability Insurance, which provides highly customizable coverage for US insurance companies, their executives and employees.

“Our Professional First Insurance Company Professional Liability policy’s easy-to-read form is readily tailored for each insurer’s business objectives and claims handling processes,” said Tom Kocaj, vice president, head of Financial Institutions, BHSI. “Our policyholders can have confidence that their liability coverage fits their unique risks—and comes with BHSI’s extensive underwriting and claims expertise as well as stellar financial strength.”

The policy provides coverage for claims arising from alleged errors or omissions in the provision of professional services, including claims involving extra contractual allegations. It contains expansive definitions of both “Professional Services” and “Claim”, and a flexible notice provision.

Professional First Insurance Company Professional Liability Insurance is the second offering in BHSI’s suite of professional liability products, which are designed to provide clear, current coverage customized for the professional and management service risks of financial firms. The first offering in this suite, announced earlier this year, was BHSI’s Professional First Asset Management Liability Insurance, which provides errors and omissions and directors and officers insurance for mutual funds, alternative funds and asset managers.

Later this year, BHSI will introduce a third offering in its Professional First suite designed for banks: Professional First Bankers Professional Liability Insurance, which will provide professional liability insurance for banks, their executives and employees.