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Member, Beacon International Group, Ltd.
Berkshire Hathaway Specialty Insurance has launched a full line of inland marine insurance products in the United States.
Berkshire Hathaway’s line of inland marine insurance products is aimed at upper middle to middle market customers and is underwritten using American Association of Insurance Services policy wordings, a Berkshire Hathaway spokesman said Wednesday.
The line includes builder’s risks, contractor’s equipment, installation floaters, inland transit, motor truck cargo, warehouse legal liability and miscellaneous floaters, Berkshire Hathaway said Monday in a statement.
The working limit is up to $25 million, according to the Berkshire Hathaway spokesman.
“With our comprehensive suite of products and in-house expertise, we are well-positioned for the opportunities of the marine space and look forward to providing market-leading service and solutions to our customers and distribution partners” John Evans, vice president of marine for BHSI, said in the statement.
Nick Derrick, chairman of the cargo committee for the International Union of Marine Insurance, has said that losses suffered by the maritime sector in 2015 should be a wake-up call for global underwriters, reported IHS Maritime 360.