Offering up to $100 million of D&O capacity, Berkshire Hathaway Specialty Insurance said on Thursday that it introduced Executive First, a policy designed to address the complex and volatile risks facing directors, officers and their companies.
The policy targets large commercial and financial organizations, and attempts to bring together industry-leading coverage features with a veteran underwriting and claim team.
“Executive First is a clear and concise solution for sophisticated D&O risks. Our underwriting and claim professionals built the form from the ground up to address what matters to policyholders. Along with broad coverage, policyholders and brokers can expect a creative, flexible approach to both unique exposures and claims,” said Dan Fortin, senior vice president of executive and professional Lines, BHSI, in a statement about the launch.
Executive First provides a broad scope of D&O liability coverage, including expanded protection for individual members of the board and management team in the event the company is insolvent or otherwise unable to indemnify them in connection with a claim. The form comprehensively addresses critical areas of exposure, including securities class actions, shareholder derivative actions and government investigations.
Up to $100 million in capacity is available, currently on a nonadmitted basis. An admitted policy form will be available later in the year.
Source: Berkshire Hathaway Specialty Insurance