Berkshire Hathaway Specialty Insurance (BHSI) announced the introduction of a new crime protection policy and executive impersonation coverage endorsement for large public and private companies in Canada.

The crime protection policy “makes it easy for brokers and customers in Canada to secure broad coverage and address the rising risk of fraud losses,” said Michael Densham, BHSI’s vice president of executive and professional lines in Canada. “We are pleased to bring crime coverage to market with significant capacity—limits of $25 million and more—coupled with the financial strength of the Berkshire Hathaway group of insurance companies.”

BHSI’s crime protection policy is underwritten on a discovery basis. The policy’s definition of “employee” automatically includes independent contractors, consultants and others, the company said in a statement. Client coverage is built into the base form.

The executive impersonation endorsement expands coverage and provides significant limits to respond to losses arising when a perpetrator impersonates an employee, executive or a business associate of the insured for the purpose of defrauding the insured, according to BHSI.

Source: Berkshire Hathaway Specialty Insurance

Topics Fraud Excess Surplus New Markets Canada