Berkshire Hathaway unit plans to launch commercial package
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Berkshire Hathaway GUARD Insurance Cos. said Tuesday it plans to introduce a commercial package product that will include coverages for property, general liability, umbrella and employment practices liability insurance.
Sy Foguel, CEO of the Wilkes Barre, Pennsylvania-based Berkshire Hathaway Inc. unit, said in the statement the package will be introduced in Pennsylvania in early April, and other states are expected to follow.
Executive Vice President Lyle Hitt said the package has been designed to complement the company’s current businessowner’s policy by addressing the needs of larger, more complex operations or businesses with multiple exposures.
He said the company’s initial target markets include light-to-medium manufacturing, wholesalers and distributors, truck stops and travel plazas resorts, and country clubs, and that it will eventually expand to new markets.
The commercial package will include commercial property coverage with built-in equipment breakdown, inland marine and crime coverage; general liability with base limits of $1 million to $6 million, with higher limits being considered; employment-related practices liability insurance and commercial umbrella.
A spokesman was not immediately available for additional details.
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