Reinsurance News

BHSI adds reinstatement clause to professional liability product

13th August 2019 - Author: Luke Gallin

Berkshire Hathaway Specialty Insurance (BHSI), a division of Warren Buffett’s Berkshire Hathaway, has announced that it has enhanced its Asia Executive First Directors & Officers (D&O) Liability Insurance to include a provision that reinstates policy limits exhausted by an entity or by individual needs.

BHSIThe reinstatement provision is automatic and is applicable across the board to all of the policy’s insuring clauses, replenishing limits which have been exhausted by the payment of Side A (D&O indemnification), Side B (company reimbursement), or Side C (entity securities claims) losses on future claims.

BHSI’s Asia Executive First D&O Liability solution provides clear, simply worded coverage for large commercial organisations and their directors and officers.

The firm has announced a number of other enhancements to the policy, including coverage for expenses to protect the insured’s reputation, and for travel and accommodations required to comply with investigations.

Patrick Ko, Head of Executive & Professional Lines, BHSI, Hong Kong, said: “Corporate regulatory investigations have become more targeted and aggressive. As enforcement agencies sharpen their focus, we can expect to continue to see deeper and more costly investigations, often involving multiple individuals. Our automatic reinstatement of limits provision gives insureds confidence that coverage will be there when they need it.”

Emily Poh, Head of Executive & Professional Lines, BHSI, Singapore, added: “In Asia, there is a heightened focus on ensuring that directors and officers are held personally accountable for their actions. This is prompting companies and board members to examine their D&O coverage and carriers more closely.

“Our insureds can be confident that, along with expansive coverage, they have a D&O insurer that has the long term commitment and unmatched financial strength to protect not just the corporation, but their personal assets as well.”

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