Financial Institutions

Features & Benefits

• CorporateGuard Civil Liability is comprehensively defined. Wrongful acts comprise any act, error or omission arising out of the provision of services by an insured or anyone for whom they are liable
  
• Protects the company and its subsidiaries including those created or acquired during the policy period
  
• Includes anyone for whose acts the insured are responsible, including full, part time or temporary employees and approved persons of the company and its subsidiaries
  
• Automatic cover for domestic partners, administrators and executors also provided
  

Cover

Extensions available

• Bilateral discovery period offered if the policy is not replaced
• Automatic cover for vicarious liability
• Insured persons entitled to up to £200 per day to attend court as a witness in connection with a claim
• Automatic cover for defamation claims
• Automatic cover for civil liability arising from the destruction, damage, loss, erasure or mislaying of documents

Features & Benefits

• Covers wrongful acts of employees including dishonest, fraudulent and malicious acts
  
• Erroneous transfer of funds (sub-limit of GBP 1 million) provided for
  
• Covers legal liability for stockbroker’s inability to complete a transaction due to fraud, loss of documentation, or being deceived as to the identity of a person (sub-limit of GBP 1 million)
  
• Cash letter coverage and the associated expenses in reconstructing cancelled items
  
• Costs of verifying, reconstituting or removing computer programs which have given rise to a payment under the policy
  
• Bilateral discovery period offered as standard if the policy is not renewed
  
• Damage to office premises and contents due to malicious mischief
  

Cover

• Premises and transit cover on an all risks basis, including ATMs, safe deposit boxes and loss of subscription, redemption, conversion or deposit privileges
• Fraud cover for documents of value, securities, instructions, advices, faxes, currency and corporate card applications
• Electronic crime cover for computer fraud (including communications via the internet or by telephone), telephone toll fraud and computer virus damage
• Less onerous war and terrorism exclusion
• Bilateral discovery period offered as standard if the policy is not renewed

Features & Benefits

• Pre-investigation costs and expenses sub-limit – recognising the new, more robust regulatory environment we work in
  
• Notifications – no condition precedent
  
• International jurisdiction clause - more favourable terms and conditions in international jurisdictions if AIG has a broader, locally admitted policy
  
• Full policy limit Extradition Cover – includes a sub-limit for an accredited crisis counsellor and/or tax advisor and a public relations consultant 
  

Cover

• Pre-investigation cover for retaining legal advisors to represent an Insured Person in connection with a Regulatory Crisis Event (sub-limited)
  
• Defence costs, damages, and settlements for “wrongful acts”
  
• Legal fees and expenses up to the full policy limit for attendance at any investigation into the affairs of the company or an individual insured
  
• Employment Practices Liability cover (including emotional distress) for individuals
  
• £1million limit per non-executive director
  
• Emergency pre-approved defence costs
  
• Assets and liberty costs cover (including bail bond and director disqualification)
  
• Automatic cover for new non-US subsidiaries and entities valued within 25% of total group assets and are not Investment Vehicles
  
• 6 Year run off for retired directors if the policy is not renewed or replaced 
  

Features & Benefits

• Covers legal costs, expenses and compensation awards for a wide range of employment practice violations
  
• Broad definition of employment practice violation including actual or alleged violation
  
• Advancement of Defence costs relieves any short-term financial hardship when an employee or the company becomes involved in expensive litigation
  
• Includes cover for part-time, seasonal and temporary employees
  
• (Similar) Cover (also) provided to directors asked to take outside board positions
  

Cover

• Worldwide Cover
• Public relations expenses for damage to reputation - sublimited
• Legal fees and expenses for any official investigation by the Equal Opportunity Commission, Commission for Racial Equality and Equal Employment Opportunity Commission
• Advancement of Defence costs

Features & Benefits

• Emergency costs of up to 10% of the limit of liability without the insurer’s prior consent
  
• Automatic cover for domestic partners, administrators and executors
  
• Bilateral discovery period offered if the policy is not renewed
  
• Theft of plan assets and ERISA cover (optional)
  

Cover

• Covers protection for the trustees, the employees, the employer company, its directors and the fund itself against claims brought against them for actual or alleged breach of duty in connection with the pension plan.
• Automatic cover for domestic partners, administrators and executors
• Blanket cover for all Pension and Employee Benefit Plans including automatic cover for qualifying new plans Specified Stock Ownership Plans
• In an emergency, limited defence costs can be incurred without our prior consent

Features & Benefits

• Automatic vicarious liability cover
  
• Emergency costs of up to 10% of the limit of liability without the insurer's prior consent
  
• Insured persons are entitled to up to GBP 200 per day to attend court as a witness in connection with a claim
  
• Kidnap response costs if an insured person is kidnapped, hijacked or wrongfully detained
  

Cover

• Civil liability and defence costs arising from investment advisory services
• Civil liability, directors & officers cover and defence costs in the management or operation of an investment fund
• Directors and Officers liability and defence costs
• Crime - protecting the business and the funds from direct financial losses suffered as a result of employee infidelity or third party crimes  

Features & Benefits

• Focused policy for non-US liability exposures
  
• Liabilities relating to a prospectus/listing particulars
  
• Non-US exposures on all UK or other world stock exchanges including 144A
  
• Liabilities arising from negotiations and decisions made in connection with the offering including any road shows
  
• Policy Period is aligned to the duration of the exposure period. In the UK, up to 6 years
  
• Advancement of defence costs
  
• AIG can now offer Public Offering of Securities protection for investment funds’ transactional exposures
  
• Pre-wrongful act full limit for Investigations
  
• Non-recindable policy 
  

Features & Benefits

• Fund run-off management liability cover
  
• Representations and warranties cover
  
• Regulatory crisis event cover
  
• Crisis containment cover
  
• Self reporting cover
  
• Worldwide Insured v Insured cover (excluding the U.S.)
  

Cover

• 1.1. Management Liability
• Providing protection for insured persons (past, present and future) should they breach any of the duties that they owe in relation to the company or fund. The policy will also reimburse the company when they indemnify such insured persons.
• 1.2. Outside Directorship Liability and Outside Directorship Run-Off Liability
• The policy provides protection for outside entity directors (past, present and future) sitting on the board of an outside entity at the specific request of the insured.
• 1.3. Civil Liability
• The policy provides protection for the insured for any error or omission whilst providing venture capital or private equity services.
• Insured includes, past, present, and future directors, officers &  trustees, outside entity directors, non-executive directors, shadow directors, senior accounting officers, advisory board members, employees, consultants, approved persons, members of internal audit committees, general council members and general partners.

Features & Benefits

• Hedge Fund One is a stand-alone directors and officers liability policy specifically for hedge funds
  
• Indemnifies individuals where the fund cannot and reimburses the fund for indemnities it does pay
  
• Covers costs of an Insured’s representation at an official investigation
  
• Express extradition cover for directors and officers plus related costs for public relations, psychological counselling and tax advice
  
• Broader range of personnel are covered, including the directors and officers of the fund manager, general partner, in-house counsel and compliance officers
  

Cover

• Breach of Duty of Care including:
  • Negligent Act, Error or Omission
  • Misstatement
  • Misleading Statement
• Breach of Confidentiality
• Breach of Contract occasioned by Negligence
• Fraud and Dishonesty
• Infringement of intellectual property rights
• Defamation
• Collateral Warranties
• Fitness for Purpose
• Duty to Warn
• Asbestos – up to £250,000
• Sudden and Accidental Pollution – up to £1 million

Features & Benefits

• The ability to cover key professional risks with one insurer
• A flexible package with multiple coverage options
  
• Streamlined application process with interactive form
  
• Multiline discount that increases with each insurance line purchased
  
• Single renewal date and premium payment
  

Cover Options

• D&O
  Management liability protection for individual Directors and Officers, including defence costs and indemnity cover for actions brought by shareholders or regulators.
• Professional Indemnity
  Individual and entity protection for alleged errors and omissions in relation to the investment services by an investment manager.
• Crime
  Protection for the investment manager and the fund from theft by employees and third parties.
• Cyber
  Data restoration, notification costs and reputational protection services in the event of a system failure. Also technical analysis of a system after the breach and the application of controls to prevent weaknesses being exploited again.
• Crisis Solution
  Covers multiple threats to employees, their families and private clients, including extortion, detention, kidnap and hijack. Includes access to a crisis response consultancy.
• Business Travel
  Medical and emergency travel expenses, rescue and assistance, including legal expenses and personal liability.
• Office Combined
  Breadth of property and casualty covers including material damage, business interruption, employer’s liability and public & products’ liability.