This MPL product from the BHSI Professional First line has been launched in Canada.
Berkshire Hathaway Specialty Insurance (BHSI) has now announced the launch of their new Professional First™ Miscellaneous Professional Liability Insurance that can be purchased within Canada.
This new type of liability insurance product offers professionals coverage against a range of accusations.
According to the descriptions of the new BHSI miscellaneous professional liability insurance policy, it allows professionals to cover themselves and their services firms against allegations of errors or omissions, negligent acts, neglect, misleading statements, misstatements, breach of duty or breach of contract that has occurred unintentionally. The idea is to provide those Canadian professionals with some peace of mind with regards to the threat of liability lawsuits resulting from many forms of error or mistakes.
This professional liability insurance coverage goes above and beyond the general coverage most pros already carry.
According to a statement from the BHSI vice president of executive and professional lines, Canada, Michael Densham, “Our new Professional First MPL form provides coverage that maximizes protection and results in peace of mind for Canadian professionals.” He also went on to explain that “With our coverage and our experienced professional liability team, policyholders are assured of expert, responsive service to help them avoid claims and successfully navigate those that arise.”
The liability insurance coverage includes these types of supplemental payment protections without retention: reimbursement of loss of earnings, assistance during the pre-claim period, in addition to the reimbursement for expenses that are accumulated by the policyholder when he or she must attend litigation and/or disciplinary proceedings.
The BHSI assistant vice president of professional liability in Canada, Paula Lansky, stated that by adding this comprehensive MPL insurance to the Canadian market, backed by the insurer’s financial strength, it “underscores our commitment to the professional liability market in Canada.”
The new miscellaneous professional liability policy is from the executive liability coverage suite of products from BHSI, called Professional First, which has been created for the purpose of offering current, clear and personalized protection. In an environment where litigation is increasingly commonplace, this type of coverage may be very welcome by Canadian professionals.