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UK

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CorporateGuard Investment Management Insurance

Overview: 

Financial protection against civil liability for investment advisory services, directors and officers liability insurance in respect of both the investment fund and investment manager; as well as crime cover against the dishonesty of employees and third parties.  

Who is it for?: 

Investment Management Companies, Investment Funds, Hedge Funds and Investment Trusts. Includes: Automatic cover for approved persons, outside entity directors, domestic partners, administrators, and executors / Automatic new fund and subsidiary cover, provided the fund or subsidiary in question meets pre-determined criteria  

Volatility of financial markets can expose investment managers to attack when a fund underperforms. Liabilities can also arise from violation of management contracts, mismanagement, failure to supervise and misrepresentation.

The structure and inter-relationship of investment management companies and investment funds creates a myriad of potential claims. Investment managers are likely to owe duties, as both company officers and as professionals, to shareholders, investors, employees and third parties. One mistake or event may lead to claims from any or all of those parties. If different insurance products cover those various liabilities, allocating responsibility between the numerous insurance companies can be a major headache. Problems can also arise because of different policy terms, conditions, limits and retentions. That confusion can create coverage gaps and add greatly to the time and expense of dealing with a claim.

To combat the problem, AIG UK offers a single comprehensive “umbrella” product for investment managers, investment advisors and investment funds. 

Cover Back To Top
  • Four insuring clauses cover
  • Civil liability and defence costs arising from investment advisory services
  • Civil liability, directors & officers cover and defence costs in the management or operation of an investment fund
  • Directors and Officers liability and defence costs
  • Crime - protecting the business and the funds from direct financial losses suffered as a result of employee infidelity or third party crimes
 
Extensions Available Back To Top

·         Automatic vicarious liability cover

·         Emergency costs of up to 10% of the limit of liability without the insurer's prior consent

·         Bilateral discovery period offered as standard if the policy is not renewed

·         Insured persons are entitled to up to GBP 200 per day to attend court as a witness in connection with a claim

·         Covers legal liability for stockbroker’s inability to complete a transaction due to fraud, loss of documentation, or being deceived as to the identity of a person

·         Kidnap response costs if an insured person is kidnapped, hijacked or wrongfully detained

·         Costs of verifying, reconstituting or removing computer programs which have given rise to a payment under the policy

Additional Features Back To Top
Additional value-added risk management services, including pre-loss regulatory and governance advice; including DLA loss avoidance and mitigation package.