Berkshire Hathaway Specialty Insurance (BHSI) has introduced professional liability cover for asset managers and funds in the UK and Ireland.

The offering, known as Professional First Asset Management Liability Insurance, provides professional liability, directors and officers liability, and crime coverage.

The policy includes a number of professional services and can be customised to suit different investment structures and investment classes.

It offers security for directors and officers for claims arising from wrongful acts in the management of the company or fund.

Additionally, the insurance plan provides a dedicated tower of limits for Alternative Investment Fund Managers Directive (AIFMD) related losses.

Moreover, the coverage offers additional limits for non-executive directors, unlimited lifetime cover for retired directors and officers, and comprehensive crime coverage.

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BHSI UK head of financial institutions Tom Dilley said: “Highly volatile investment and economic markets, coupled with increased regulatory oversight and operational exposures, have made investment managers increasingly vulnerable to claims.

“Our Professional First Asset Management Liability policy provides investment managers and funds in the UK and Ireland with comprehensive, customisable protection, backed by marketing-leading financial strength and claims handling expertise.”

BHSI is set to expand the Professional First suite of professional liability products with additional plans in the UK and Ireland in 2019.