Everest Re Group, Ltd. has launched a new investment management insurance policy ("Elevation IMI"), which provides management and professional liability coverage to investment advisers, mutual funds, and hedge funds.
Everest Re said in a statement that coverage enhancements in Elevation IMI included:
- Digital Adviser Technology Service Coverage – provides coverage for exposure with regard to automated portfolios and investment technology platforms
- Mock Audit Expense Reimbursement – reimburses mock audit and/or corrective action expenses
- Cost of Corrections Coverage – no prior consent required
- Cyber Liability Coverage – provides coverage for third-party cyber exposure
- Pre-Claim Expenses
- Additional Limits of Liability for chief compliance officers and independent directors
- Broad definition of Professional Services – includes a selection of outside service providers and publication of written materials
- Non-Party Witness Coverage for Independent Directors
- Shareholder Derivative Demand Investigation Costs Coverage
- Executive Protection Coverage – including Asset Protection Costs, Freedom Protection Costs and PR Expenses
"Our clients have asked for a streamlined product that provides comprehensive coverage and addresses the shifting nature of the litigation and regulatory landscape," said Charles Higham, head of financial institutions. "Elevation IMI has responded with coverage enhancements such as providing additional limits of liability to chief compliance officers to address the influx of targeted enforcement acts brought against them for regulatory compliance violations. Elevation IMI is specifically designed to evolve as the risks of our clients evolve and enables us to provide a customized solution to each client."
"Our team of highly skilled underwriters, all of whom have previously worked in the financial services industry, possess a deep understanding of the exposures specific to asset management. Our long history in the financial institutions market, couple with the technical acumen of our underwriters, enables Everest to continue providing unique solutions to the marketplace." said Keith Lavigne, head of management and professional liability for Everest Specialty Underwriters.
Learn more: www.everestre.com.