Berkshire Hathaway Specialty Insurance (BHSI) has launched its financial institution professional indemnity insurance (FIPI) solution for Asian markets.
The new policy is designed to cover a range of risks, from allegations of failure to disclose information, to misleading financial advice, and breach of contracts. It also combines coverage for civil liability, pre-investigations, mitigation expenses, and other legal costs.
It is aimed at medium to large financial institutions, such as securities dealers, regional banks, re/insurers, diversified institutions, and financial technology (fintech) firms.
According to Scotland Walsh-Riddle, head of executive and professional lines at BHSI Hong Kong, there has been a marked increase in the frequency and severity of professional indemnity claims against financial institutions, which is why BHSI introduced this product.
“Financial institutions deliver diverse services to their customers,” added Edwin Sim, assistant vice president of executive and professional lines at BHSI Singapore. “Hence, we have set out to provide them with the peace of mind that comes with broad FIPI coverage.
“Through clearly articulated wording, BHSI Asia’s FIPI insurance policy will provide our customers with the security of coverage backed by unmatched financial strength.”
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