The Hartford Financial Services Group Inc. offers a comprehensive, modular professional and management liability insurance policy specifically for private equity firms and those with similar risks. The Hartford Private Equity Choice Policy is designed to safeguard private equity funds and protect fund managers from the types of exposure arising from their different roles as professional investment advisor, fiduciary and employer.
According to Amit Dav?, assistant vice president of financial products underwriting for The Hartford, Private Equity Choice was developed in direct response to feedback from members of this highly specialized market as part of The Hartford’s growing portfolio of tailored products for businesses in the financial services sector. The policy combines the basic types of liability protection that private equity firms need, including fund management liability coverage, with updated market-specific policy wording and optional features, like fiduciary liability coverage, to help these firms insure against a variety of risks. The modular approach allows a firm to select coverage options that best suit its needs.
Key features of The Hartford Private Equity Choice Policy include:
o A one-stop approach that allows equity fund managers to go to a single source for their management liability, employment practices liability and fiduciary liability coverage.
o Allocation provisions that delineate how the advancement and allocation of defense costs are handled separately from the allocation of damages.
o A multi-faceted definition of professional services.
o A provision that specifies whose knowledge is relevant to determine when the insured has a notice of claim.
To learn more about The Hartford Private Equity Choice Policy, visit www.hfpinsurance.com. Agents and brokers should contact their local Hartford representative.