Key Takeaways
- • Berkshire Hathaway Specialty Insurance (BHSI) has introduced its Professional First Venture Capital Liability Insurance Policy in Australia, tailored to venture capital managers and funds.
- • The policy covers professional services performed by VC firms and provides directors and officers protection for claims arising from wrongful acts in managing a company or fund.
- • Key features include reinstated Side A coverage, lifetime run-off cover for retired directors and officers, comprehensive crime coverage, and automatic cover for new funds.
- • Additional provisions cover costs of correcting accidental errors in a fund's net asset value calculation, optional entity investigations cover, and outside director cover for insured persons serving on portfolio company boards.
- • BHSI, which holds A++ from AM Best and AA+ from S&P, positions the launch as an extension of its expertise in investment manager coverage in Australia.
Summary
Berkshire Hathaway Specialty Insurance (BHSI) announced that it has introduced its Professional First Venture Capital Liability Insurance Policy in Australia, offering coverage designed for venture capital managers and funds. The announcement was issued via Business Wire from Boston and Sydney.
Andrew Boosey, Manager, Financial Institutions, Executive & Professional Lines at BHSI Australia, said the risks facing fund managers are evolving as the country's venture capital sector matures. He described the policy as an innovative solution to support VC managers navigating an increasingly complex risk landscape.
The policy provides professional services coverage for VC firms alongside directors and officers protection for claims arising from wrongful acts in managing a company or fund. Its stated features include reinstatement of Side A coverage, lifetime run-off cover for retired directors and officers, and comprehensive crime coverage. Additional highlights include automatic cover for new funds, mitigation cover, coverage for costs of correcting accidental errors in a fund's net asset value calculation, optional entity investigations cover, and outside director cover for insured persons serving as representatives on portfolio company boards.
BHSI describes itself as a leading market for investment managers in Australia and says the launch extends its expertise in the sector. The company is incorporated in Nebraska, holds an AFS License No. 466713, and reports financial strength ratings of A++ from AM Best and AA+ from Standard & Poor's. The release notes that actual and final terms may vary and directs inquiries to [email protected].
Andrew Boosey, Manager, Financial Institutions, Executive & Professional Lines at BHSI Australia, said the risks facing fund managers are evolving as the country's venture capital sector matures. He described the policy as an innovative solution to support VC managers navigating an increasingly complex risk landscape.
The policy provides professional services coverage for VC firms alongside directors and officers protection for claims arising from wrongful acts in managing a company or fund. Its stated features include reinstatement of Side A coverage, lifetime run-off cover for retired directors and officers, and comprehensive crime coverage. Additional highlights include automatic cover for new funds, mitigation cover, coverage for costs of correcting accidental errors in a fund's net asset value calculation, optional entity investigations cover, and outside director cover for insured persons serving as representatives on portfolio company boards.
BHSI describes itself as a leading market for investment managers in Australia and says the launch extends its expertise in the sector. The company is incorporated in Nebraska, holds an AFS License No. 466713, and reports financial strength ratings of A++ from AM Best and AA+ from Standard & Poor's. The release notes that actual and final terms may vary and directs inquiries to [email protected].
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