Berkshire Hathaway Specialty Insurance Unveils Liability Cover for Venture Capital Funds in Australia
Berkshire Hathaway Specialty Insurance has introduced a venture capital liability policy in Australia to provide tailored protection for the growing venture capital ecosystem.
Berkshire Hathaway Specialty Insurance launches a venture capital liability policy in Australia.
Berkshire Hathaway: Berkshire Hathaway Specialty Insurance (BHSI) has introduced its Professional First Venture Capital Liability Insurance Policy in Australia, the company announced on September 8, offering tailored liability coverage for venture capital fund managers and their portfolios.
The policy is designed for VC managers and funds operating in Australia’s venture capital sector, providing coverage for professional services performed by VC firms as well as protection for directors and officers against claims arising from wrongful acts in the management of a company or fund.
“Australia’s venture capital sector continues to mature, and the risks facing fund managers are evolving along with it,” said Andrew Boosey, Manager, Financial Institutions, Executive & Professional Lines, BHSI Australia. “We are pleased to bring this innovative solution to Australia to support VC managers as they navigate an increasingly complex risk landscape.”
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Berkshire Hathaway: Coverage Features and Policy Highlights
According to BHSI, the Professional First Venture Capital Liability policy includes reinstatement of Side A coverage, lifetime run-off cover for retired directors and officers, and comprehensive crime coverage.
The company said additional coverage highlights include automatic cover for new funds, mitigation cover, and cover for costs incurred in correcting accidental errors in a fund’s net asset value calculation. The policy also offers optional entity investigations cover and outside director cover for insured persons serving as representatives on the boards of portfolio companies.
BHSI positioned the policy as broad and customisable, backed by the insurer’s financial strength and what the company describes as its “Claims Is Our Product” philosophy.
Berkshire Hathaway: BHSI’s Position in the Investment Managers Market
BHSI said it is a leading market for investment managers in Australia, and described the launch as an extension of its expertise in the venture capital sector and its commitment to tailored support for VC funds.
Berkshire Hathaway Specialty Insurance Company, incorporated in Nebraska, USA, holds financial strength ratings of A++ from AM Best and AA+ from Standard & Poor’s. The company is based in Boston and maintains offices across North America, Europe, Asia and Australia, including Adelaide, Brisbane, Melbourne, Perth and Sydney. It provides commercial property, casualty, healthcare professional liability, executive and professional lines, transactional liability, surety, marine, travel, programs, accident & health, and multinational insurance products.
