Berkshire Hathaway Specialty Insurance has unveiled Executive First Fiduciary Liability Insurance, a policy intended to protect Canadian sponsors of sizable pension and benefit plans, as well as any associated directors, officers and employees.
“Our Executive First Fiduciary Liability Insurance is built to deliver all the coverage our Canadian customers need in one clear, concise policy,” Dan Fortin, Head of Executive and Professional Lines, U.S. and Canada, BHSI, said in a statement.
While wrapped in one policy, BHSI contends that the coverage is able to respond to the vast array of pressures facing Canadian organizations today.
“The policy is thoughtfully designed to address the most current regulatory, litigation and pension and welfare issues facing large enterprises in Canada and is backed by our industry-leading underwriting and claims team, including Rhonda Prussack, Michael Densham, Carrie O’Neil and Todd Greeley.”
The policy also “explicitly covers Canadian fines and penalties and features full settlor coverage (with no sublimit)” in the event that any actions taken with regard to employee benefit plans results in litigation. In addition, since it operates under a flexible defense agreement, executives have control over their preferences for defense representation.
The new coverage is part of BHSI’s plans to gain a stronger foothold in the executive liability insurance space.
“Our new Fiduciary Liability Insurance policy marks an important expansion of our primary executive lines in Canada. As we extend our capabilities beyond our Directors & Officers Liability and Side A DIC coverages, we underscore our commitment to providing sound and simple protection for the complex exposures of our Canadian customers,” said Michael Densham, Head of Executive and Professional Lines, Canada, BHSI.
