Berkshire Hathaway Specialty Insurance Company said it is now selling Civil Liability insurance for financial institutions in Australia and New Zealand.
The new policy is designed to address the broad range of claims financial institutions can face as they provide different services to many different parties. As BHSI explains, it uses an expansive “professional services” trigger not linked to a client, fee or specified service.
Bail bond costs, deprivation of assets expenses, court attendance and prosecution costs are also covered by the policy.
Other policy features include: pre-investigation loss coverage, contractual liability and mandatory contractual terms coverage.
“Our new Civil Liability policy wording for financial institutions provides certainty for the often complex risks of the financial institutions space,” Karen Poching, Senior Underwriter, Executive and Professional Lines, BHSI, New Zealand, said in prepared remarks.