Hiscox, the international specialist insurer, has announced their Private Investment Fund Portfolio which provides comprehensive protection for many types of asset management firms.
The portfolio provides coverage for lawsuits alleging breach of fiduciary duty, fraud, insider trading, securities law violations, conflicts of interest and other common risks faced in this industry.
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The complex US regulatory environment, heightened with the passage of Dodd-Frank, is increasingly exposing these firms to litigation from investors, portfolio companies, minority shareholders of portfolio companies, regulatory agencies, employees and a number of other third parties.
Hiscox offers alternative asset management firms a portfolio of coverages specifically designed to protect them from both long standing and newly emerging exposures. Policies provide coverage up to a maximum line of $5 million, primary or excess, and come with a complimentary risk management service.
In addition to the standard Management Liability, Professional Liability and Outside Position Liability coverages, clients can choose to add on any combination of Employment Practices Liability, Fiduciary Liability and Employed Lawyer’s coverage under a single "Portfolio" policy.
"We are excited to provide our brokers in this specialized marketplace a product and service that meets the specific needs of their clients," said Brian Hickey, Senior Vice President – Financial Services for Hiscox USA. "Hiscox always strives to give their partner brokers an edge and I am looking forward to continuing to deliver on this value proposition."
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By GlobalDataHiscox has a diverse portfolio of insurance products, including executive risks, media & entertainment, professional liability and property coverages and has offices in New York, NY; Atlanta, GA; Chicago, IL; Los Angeles, CA; San Francisco, CA and White Plains, NY.
