Berkshire Hathaway introduces crime protection endorsement in Canada to combat rising risk of fraud losses

Berkshire Hathaway Specialty Insurance (BHSI) is launching its Crime Protection Policy and the Executive Impersonation Coverage endorsement – with limits of $25 million and more – for large public and private companies in Canada.

“Our Crime Protection Policy makes it easy for brokers and customers in Canada to secure broad coverage and address the rising risk of fraud losses,” Michael Densham, BHSI’s vice president, Executive and Professional Lines, Canada, says in a statement Tuesday from the company, which provides commercial property, casualty, healthcare professional liability, executive and professional lines, surety, travel, programs and homeowners insurance.

The significant capacity is coupled with “the financial strength of the Berkshire Hathaway group of insurance companies,” Densham continues.

Both the policy and impersonation endorsement “were created with concise contract language and are supported by a streamlined approach that makes it simple for our customers and brokers to do business with us,” suggests Brian O’Neill, BHSI’s product line leader, Fidelity and Crime Insurance, for the United States and Canada.

BHSI reports that the policy is underwritten on a discovery basis, with client coverage built into the base form. The policy’s definition of “employee” automatically includes independent contractors, consultants and others.

As for the new Executive Impersonation Coverage endorsement, it “expands coverage and provides significant limits to respond to losses arising when a perpetrator impersonates an employee, executive or a business associate of the insured for the purpose of defrauding the insured,” the statement adds.