The Hartford has expanded its management and professional liability insurance for asset management firms of all sizes, offering a blended liability policy with new and extended coverage to address key cyber and regulatory risks.
“Today’s asset management firms operate in an increasingly complex regulatory environment and face an unprecedented array of liability risks,” said Steve Prymas, vice president of management and professional liability insurance at The Hartford. “With the SEC’s heightened focus on cybersecurity preparedness and threats in the securities industry, it is more critical than ever for asset management firms to have appropriate insurance for these types of risks.”
The Hartford’s Asset Management Choice Policy offers the opportunity to tailor coverage. Coverage options include protection for directors and officers; investment advisor professional services; employment practices liability; private and registered funds; fiduciary and cyber liability; and kidnap and ransom.
The new and expanded coverages help address network security liability; first party expenses related to network security risks, including breach-related notification costs; crisis management services; expenses related to cooperation with regulatory investigations; expenses incurred to comply with regulations governing the recovery of erroneously awarded compensation; legal fees and expenses incurred by an employee called to testify as a witness in a hearing in which they are not a plaintiff or defendant.
Source: The Hartford
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