Financial Services Insurance
Financial companies have special liability exposures that may not be covered by existing general liability insurance policies. The proliferation of federal and state laws governing employment practices combined with evolving case law makes employee claims more common and costly.
Financial Services Industries Served:
Private Equity Firms
Private Fund Managers
Registered Investment Advisers
Sub Prime Lenders
Credit Card Issuers
Leveraged Buyout Firms
Money Center Banks
Mortgage Brokers & Bankers
Available Coverages for Financial Services:
Errors and Omissions Liability
Directors and Officers Liability
Employment Practices Liability
Outside Directorship Liability
One integrated policy, helping to minimize the gaps in coverage that can exist among separate policies.
A definition of claim that speaks to the most significant professional liability exposures of an investment
Coverage for defense costs, judgments, and settlements for covered claims.
Claim includes formal regulatory investigations into a firm’s activities.
A policy that is noncancelable by carrier, except for nonpayment of premium.
No coinsurance requirement.
No regulatory exclusion.
Additional Policy Features:
As long as a claim has an active, covered allegation, the duty to defend and pay 100% of defense costs for all allegations.
The policy responds to filed lawsuits, as well as to written demands, formal regulatory investigations, and criminal or administrative proceedings.
One simplified application for all coverages.
Claims are handled by field claim professionals with expertise in each coverage area.
Branch offices across the United States provide local claims presence, as well as coordination of claims handling across legal jurisdictions.
Management Liability Insurance
Outside Directorship Liability Insurance
Management Indemnification Insurance
Claims-Made Form Which Includes:
Coverage for suits brought by portfolio companies against the venture capital or private equity firm or its employees or management
Coverage for securities actions
Controlling shareholder liability coverage
Coverage for advisory board members of a private fund
No exclusions for tortious interference, intellectual property or antitrust
Automatic coverage for newly created private funds
Advancement of defense costs
No prior-acts exclusion