Berkshire Hathaway is offering a new errors and omissions product for the banking community.
The specialty lines insurer announced this week that it has launched Professional First Bankers Professional Liability Insurance in the US as part of its executive professional liability products for financial institutions.
The product is available to banks of all sizes, their executives and employees, and covers all alleged errors or omissions in the professional services they render to customers. The policy also expands the definitions of “professional services” and “claim,” and can be enhanced to include lender’s liability.
“We are pleased to introduce our deep professional liability underwriting, claims expertise and financial strength to the US banking sector,” said Tom Kocaj, vice president and head of financial institutions for BHSI. “With our Bankers Professional Liability policy, we are bringing to market coverage that is tailored to evolving banking exposures, while providing financial security now and for years to come.”
The news comes after the launch of BHSI’s Executive FirstTM D&O Liability Insurance and Fiduciary Liability Insurance – two other additions to its executive and professional liability products for banks. The insurer also writes Financial Institutions Bonds for its banking customers.
Bankers Professional Liability is the third offering in BHSI’s Professional FirstTM suite of products. It joins Asset Management Liability Insurance, which provides errors and omission and directors and officers insurance for mutual funds, alternative funds and asset managers, and Insurance Company Professional Liability Insurance, which provides errors and omissions coverage for U.S. insurance companies, executives and employees.
All of the products in the Professional First suite are designed to provide clear, current coverage, customized for the professional services risks of financial institutions.
