14 December 2017Insurance

Berkshire introduces professional indemnity product in Asia

Berkshire Hathaway Specialty Insurance Company (BHSI) is introducing a professional indemnity insurance for financial institutions in Asia.

“Financial institutions are seeing an increase in both the frequency and severity of professional indemnity claims.” said Scotland Walsh-Riddle, head of executive & professional lines at BHSI Hong Kong. “To respond to their needs, we’re introducing comprehensive and customizable protection to address the exposures FI professionals face now.”

The new BHSI policy is designed to cover a range of claims, from allegations of failure to disclose information, to misleading financial advice and breach of contracts. It combines coverage for civil liability, pre-investigations, mitigation expenses, bail bond costs, court attendance, loss of documents, and more.

“Financial institutions deliver diverse services to their customers,” said Edwin Sim, assistant vice president of executive & professional lines at BHSI Singapore. “Hence, we have set out to provide them with the peace of mind that comes with broad First Financial Institution Professional Indemnity (FIPI) coverage. Through clearly articulated wording, BHSI Asia’s FIPI insurance policy will provide our customers with the security of coverage backed by unmatched financial strength.”

The policy is designed for medium to large financial institutions, including securities dealers, regional banks, insurance companies, reinsurance companies, diversified institutions, and financial technology (fintech) and corporate advisory firms.

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