BHSI launches fiduciary liability insurance in Canada

Berkshire Hathaway Specialty Insurance (BHSI) has launched a new policy designed to provide protection for Canadian sponsors of large pension and benefit plans and their directors, officers and employees.

The policy, Executive First Fiduciary Liability Insurance, covers Canadian fines and penalties and features full settlor coverage to protect executives when their business decisions lead to litigation in connection with employee benefit plans. Up to $25 million or more in capacity is available (up to $100 million if required).

Dan Fortin, head of executive and professional lines, US and Canada, BHSI, said: ”Our Executive First Fiduciary Liability Insurance is built to deliver all the coverage our Canadian customers need in one clear, concise policy.

“The policy is thoughtfully designed to address the most current regulatory, litigation and pension and welfare issues facing large enterprises in Canada and is backed by our industry-leading underwriting and claims team, including Rhonda Prussack, Michael Densham, Carrie O’Neil and Todd Greeley."

Michael Densham, head of executive and professional lines, Canada, BHSI, added: “Our new fiduciary liability insurance policy marks an important expansion of our primary executive lines in Canada.

“As we extend our capabilities beyond our directors and officers liability and Side A DIC coverages, we underscore our commitment to providing sound and simple protection for the complex exposures of our Canadian customers.”