Berkshire Hathaway Specialty Insurance (BHSI) has begun offering civil liability cover for financial institutions in Australia and New Zealand.

Manager Financial Institutions Australia Vincent Barker says the policy is a response to changes in the risk landscape.

“Many forces have shifted the risk landscape for financial institutions, from lessons learned from the complex litigation of the global financial crisis to the rise of new disruptive technologies and novel ways of conducting business,” he said.

The policy covers a range of claims and uses a “professional services” trigger that is not linked to a client, fee or specified service.

It also covers bail bond costs, deprivation of assets expenses, court attendance and prosecution costs, and provides pre-investigation loss coverage, contractual liability and mandatory contractual terms.

BHSI says it has a “broad appetite for mid-size and large financial institutions of all types”, from insurance companies and banks to financial administrators, financial technology providers and corporate advisory businesses.