Berkshire Hathaway Specialty Insurance (BHSI) has announced the launch of a new product in the Australian market, designed to help financial institutions in a rapidly changing environment.
The new Professional First Financial Civil Liability Insurance policy addresses the broad range of claims financial institutions can face and will use an expansive ‘professional services trigger’ not linked to a client, fee or specified service.
The policy will also cover bail and coasts, deprivation of assets expenses, court attendance and prosecution costs with pre-investigation loss coverage and mandatory contractual terms coverage also provided.
Vincent Barker, Manager, Financial Institutions, BHSI, Australia, said that the coverage is designed to keep pace a host of changes impacting financial institutions.
“Many forces have shifted the risk landscape for financial institutions, from the lessons learned from the complex litigation of the global financial crisis, to the rise of new disruptive technologies and novel ways of conducting business,” Barker said.
“We’re pleased to offer a market-leading civil liability policy wording that keeps pace with these changes and provides clarity of coverage and flexibility for financial institutions.”
The insurer said the cover is aimed at mid-size and large financial institutions of all types including insurance companies and banks, financial administrators, financial technology providers, and M&A or corporate advisory firms.
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