Berkshire Hathaway Specialty Insurance is rolling out professional liability insurance for bankers in the U.S.
The new coverage, dubbed Professional First Bankers Professional Liability Insurance, adds to its existing options for financial institutions involving executive and professional liability.
Specifically, the new offering helps to protect banks, their executives and employees, with coverage for alleged errors or omissions in professional services for customers. BHSI explained that the policy expands the scope of “professional services” and “claim.” Customers can also enhance the policy to include lender’s liability, and coverage can be customized for banks of different sizes.
BHSI said that Professional First for bankers builds on other new offerings such as Executive First D&O Liability Insurance and Fiduciary Liability Insurance. As well, it also writes Financial Institutions Bonds for its banking customers.
Professional First itself is a product line with other coverages, including Asset Management Liability Insurance, which provides errors and omissions and directors and officers insurance for mutual funds and asset managers. There is also Professional First Insurance Company Professional Liability Insurance, which provides errors and omissions coverage for U.S. insurance companies, executives and employees.
Source: Berkshire Hathaway Specialty Insurance