Berkshire Hathaway Specialty Insurance (BHSI) today introduced Executive FirstTM Fiduciary Liability Insurance, a new policy that provides broad, up-to-date protection for the fiduciary liability exposures executives and companies face in connection with oversight of their organization's employee benefit plans."Our Executive First Fiduciary Liability policy addresses the most current regulatory, litigation, and pension and welfare issues facing large commercial and financial companies, their directors, officers and employees -- and gives companies the flexibility they want in defending claims," said Dan Fortin, SVP, Executive & Professional Lines, BHSI. "Its state-of-the-market design is the work product of BHSI's deep bench of underwriting and claims talent, led by Rhonda Prussack, Carrie O'Neil and Todd Greeley."
The policy features a flexible defense agreement, which gives policyholders the freedom to choose how they want -- and who they want -- to drive their defense. Insured's have the duty to defend all claims (with defense costs advanced), but can tender claims defense to BHSI if they prefer. A roster of highly sought ERISA litigation defense attorneys will be available to policyholders facing claims, but their use is not obligatory.
The policy also provides full "settlor" coverage (with no sublimit) for litigation stemming from certain business decisions made about employee benefit plans, and extends Affordable Care Act "gap" coverage for no additional premium. Additional highlights include a broad definition of "plan," and expansive fines and penalties coverage.
Up to $100 million in capacity is available, grounded in BHSI's financial strength.
The new fiduciary liability policy is part of Executive FirstTM, BHSI's suite of executive liability insurance products designed to provide clear, current and customizable coverage for commercial and financial firms, including those firms with the most complex risk-transfer needs.
Berkshire Hathaway Specialty Insurance provides commercial property, casualty, healthcare professional liability, executive and professional lines insurance and programs for customers across the U.S. It underwrites on the paper of Berkshire Hathaway's National Indemnity group of companies, which hold financial strength ratings of A++ from AM Best and AA+ from Standard & Poor's. Based in Boston, Berkshire Hathaway Specialty Insurance has regional underwriting offices in Atlanta, Chicago, Los Angeles and New York. For more information, contact rhonda.prussack@bhspecialty.com.