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Member, Beacon International Group, Ltd.
Berkshire Hathaway Specialty Insurance has rolled out professional liability coverage for U.S. insurers, their executives and employees.
The Professional First coverage is for property/casualty insurers, reinsurers and life insurers, said a spokesman for Boston-based Berkshire Hathaway Specialty.
The policy offers coverage for directors and officers as well as errors and omissions in professional services, Berkshire Hathaway Specialty said Wednesday in a statement.
The coverage is “readily tailored for each insurer’s business objectives and claims handling processes,” Tom Kocaj, vice president and head of financial institutions, executive and professional lines at Berkshire Hathaway Specialty, said in a statement.
Limits up to $50 million are available, the spokesman said.
Earlier this year, the specialty insurer offered Professional First coverage to mutual funds, alternative funds and asset managers, according to the statement.
Later this year, Berkshire Hathaway Specialty said it would extend the coverage to banks.
Berkshire Hathaway Specialty Insurance, a unit of U.S.-based Berkshire Hathaway Inc., has opened an office in Australia's Sydney city, reported The Sydney Morning Herald.