Chubb has launched a new suite of insurance coverages to help family offices* manage their liability exposures.
Called the “Family Office Amplifier,” Chubb said the product addresses “the wide spectrum of family office risks including professional liability, trustee liability and employment practices liability.”
“Family office directors, officers and executives face complex liability exposures. They are charged with adhering to a high level of fiduciary care in managing their high-net-worth clients’ wealth and assets. Failure to adhere to these fiduciary duties can result in costly litigation,” said Cameron Rose, senior vice president, Financial Lines, Chubb in Canada.
“Family Office Amplifier recognizes the unique needs of family offices and offers liability protection in a customizable insurance package to help protect the firm from these liabilities,” added Rose.
Family Office Amplifier includes the following terms and conditions:
- The definition of organization includes any trust, in addition to family office; subsidiary of the family office; private funds, including management entities such as general partners, managing members and advisors; and investment holding companies of any trust or private fund.
- If the policy is renewed, claims can be reported up to 180 days after the policy has expired.
- After a claim has been submitted and all requested information has been received, Chubb will advance defense costs to the insured within 90 days.
“Family Office Amplifier is a testament to Chubb’s broad and complementary capabilities that span its commercial and personal lines products and services,” said Paul Johnstone, senior vice president, Personal Risk Services, Chubb in Canada. “We are excited about what this new suite of coverages offers our high-net-worth clients utilizing family offices.”
Chubb said its product highlights are summaries only and suggests viewing the actual policy for terms and conditions. Product offerings may vary by location.
* Family offices are private wealth management advisory firms that serve ultra-high-net-worth investors, according to Investopedia.
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