Property and casualty insurer Chubb has unveiled a new insurance coverage suite, known as Family Office Amplifier, to protect family offices in the US from professional and management liability exposures.
The suite includes professional liability coverage that has been designed to protect family office professionals accused of fiduciary duty breach, inadequate or inaccurate advice, or professional errors or omissions.
It also includes trustee liability coverage to protect family offices against claims of trust agreement violations, as well as employment practices liability coverage to safeguard family office professionals against discrimination, harassment, and defamation claims.
Chubb executive vice president of financial lines Steven Goldman said: “There are significant liability exposures associated with managing and working for a family office. Family office executives and professional staff can be sued for a broad array of liability issues ranging from employment discrimination and the mismanagement of funds to professional negligence.
“We are excited to launch these updated coverages and make them available through one customizable package.”
