This has provided independent agents in this category with a new line of offerings for their customers.
Berkshire Hathaway Specialty Insurance (BHSI) has now announced that it has launched a complete new line of inland marine insurance products within the United States, which are meant to be a complement to its existing contractor’s builder’s risk and ocean cargo coverages.
There are a range of different products that are being offered within this new line of insurance policies.
Among the types of coverage in this new inland marine insurance line are: contractor’s equipment, builder’s risk, inland transit, installation floaters, miscellaneous floaters, motor truck cargo, and warehouse legal liability. According to John Evans, the vice president of BHSI Marine, this move is a direct reflection of the interest that the insurer maintains within all levels of the marine market.
In a prepared statement, Evans said that “With our comprehensive suite of products and in-house expertise, we are well positioned for the opportunities of the marine space and look forward to providing market-leading service and solutions to our customers and distribution partners.”
The new line of marine insurance products is available in all 50 states on an admitted basis.
The insurance policies from that line will be underwritten with the policy wordings of the American Association of Insurance Services (AAIS).
This recent announcement of the new product line comes close on the heels of a similar one that occurred in August for Australia and New Zealand. In that announcement, it also said that it would be selling new marine insurance lines, but for those countries. It is clear that this is a category within which BHSI is seeing some considerable opportunity in coming years.
The head of the Australia and New Zealand business is Dimitry Zilberud, and the person in the marine manager’s seat is Mark Dixon. Both are currently based out of the Sidney office of Berkshire Hathaway Specialty Insurance. It will be interesting to watch the progress of insurance in the marine industry with this insurer, as it is clear that this is an area in which it is continuing to move ahead.