Berkshire Hathaway GUARD Expands BOP Product to California

Berkshire Hathaway GUARD Insurance Companies (formerly known as GUARD Insurance Group) has begun offering its business owners policy (BOP) and umbrella coverage in California. The company already has a presence in the state offering workers’ compensation with a premium total of about $100 million and is looking to provide a complement to this coverage, while continuing its focus on small- to medium-sized accounts.

Berkshire Hathaway GUARD’s BOP utilizes an ISO policy form but with increased limits, coverage extensions, and various price discounts incorporated. Accounts with a per-location combined building and business personal property value of up to $8.5 million are typically sought. While a range of classifications can be written, targeted segments include: restaurants (full-cooking, limited-cooking, fine dining, and fast food); retail goods and service; professional offices; select artisan contractors; and auto services operations.

Berkshire Hathaway GUARD first began writing other lines in Pennsylvania five years ago and has since launched a full complement of products under the name of BizGUARD Plus in 11 states. Although these new products will be sold through an existing network of contracted independent agents and brokers, producers are encouraged to contact the company about a possible appointment. According to Vice President of Sales Dave Simmons, the new lines grew to about $35 million (a 55% increase) in 2012.

In October of 2012, GUARD Insurance Group was acquired by National Indemnity Co., which is a wholly owned subsidiary of Berkshire Hathaway. This fall, GUARD unveiled a new logo and identity as Berkshire Hathaway GUARD Insurance Companies.

In 2012, Berkshire Hathaway GUARD wrote $400 million of commercial property and casualty premium for over 60,000 policyholders. A west coast office is maintained in Rancho Cordova, Calif.

Topics California