Tags: Hedge Funds, Insurance, insurance, Iron Cove Posts, claim, defense costs, Directors & Officers Liability, Disgorgement, Fines, hedge fund, Iron Cove, Penalties, SEC, SEC Investigations, Wrongful Act
Tags: Insurance, insurance, ACE, Acquisition, Iron Cove Posts, Chubb, Iron Cove, Lou D'Agostino, M&A, Property & Casualty
AIFMD And What It Means For Your Insurance Program
Mar 18, 2015 5:41:40 PM
In July of 2013, the European Union's issued a directive aimed at Alternative Investment Fund Managers also known as the Alternative Investment Fund Managers Directive ("AIFMD"). The AIFMD requires AIFMs who market within the EU to hold either sufficient capital or have appropriate insurance in place to meet any financial loss arising from professional negligence claims related to their EU business or EU domiciled clients. This requirement can be satisfied with the AIF's own funds or they could procure insurance which is separate and not part of their existing insurance program (ring-fenced). Funds are required to carry .9% of total AUM in separate limits of professional liability (.7% for any one claim).
Tags: Hedge Funds, Insurance, insurance, AIFMD, Iron Cove Posts, Coverage Overview, Directors & Officers Liability, Errors and Omissions, Errors and Omissions Insurance, EU, hedge fund, Regulation, Separate Limits of Liabilty
Bruce Jenner? From Olympic Medalist to Potential Bankruptcy
Feb 25, 2015 12:07:57 PM
I grew up eating Wheaties and couldn't help but remember Bruce Jenner. An olympic decathlete and arguably one of the best all around athletes in the world! From Olympic Gold to reality tv, and now a very public divorce (not to mention wanting to become a woman), one has to wonder #WTH happened to this guy?? This post however, is more about the lack of financial responsibility and adequate protection than Mr. Jenner's fall from grace. On February 9th of this year, Bruce Jenner was involved in a fatal car accident which resulted in the death of a 69-Year Old Widow, Kim Howe. Reports vary, but some say he may have been texting while driving as well as driving too close. In either event, a lawsuit is eminent and he has already hired top tier legal counsel to help him navigate this mess. Per the Daily News Article from last night, it appears that Mr. Jenner only has $250,000 of personal liability insurance protection?? Who is this guys insurance agent? Wealth Advisor?? That amount of coverage is the basic amount provided under a typical homeowners policy and would be inadequate for just about anyone let alone someone of Mr. Jenner's notoriety and fame. As the article alluded to, Personal Umbrella Liability protection should usually be at least 1-2x net worth in order to protect you and your family in the most conservative and catastrophic scenarios like the one Mr. Jenner has found himself in.
Tags: Insurance, insurance, Iron Cove Posts, Daily News, high net worth, Iron Cove, Lawsuit, Liability, Lou D'Agostino, Partners, personal insurance, Risk, Umbrella, wealth advisor, Wrongful death
Business Risk Due to the EBOLA Virus
Oct 27, 2014 12:22:21 PM
Just the name alone is enough to cause fear & panic in most of us…. EBOLA!! Whether the panic and fear is fully justified is another story but lets face it, we cannot completely invalidate the fact that people are truly scared. Just google “EBOLA” and take a look at some of the horrific images that come up. Those images coupled with the fact that there is no immediate vaccination (that we know of) is enough to for everyone to be concerned!
Tags: Insurance, insurance, Iron Cove Posts, broker, Business, business interruption, Coverage Overview, EBOLA, epidemic, Extra Expense, Iron Cove Partners, Lou D'Agostino, Property & Casualty, Risk
Coverage for SEC Inquiries under a Hedge Fund D&O Insurance Policy
Oct 22, 2014 3:28:28 PM
What constitutes a claim under a Hedge Fund Directors and Officers Liability Insurance policy? While definitions vary from insurer to insurer, most insurance contracts define “claim” as any civil, administrative, arbitration, criminal or regulatory proceeding against any insured commenced by:
Tags: Hedge Funds, Insurance, insurance, Iron Cove Posts, claim, Coverage, Coverage Overview, defense costs, directors and officers liability, Directors & Officers Liability, Errors and Omissions, hedge fund, inquiry, Iron Cove Partners, Lou D'Agostino, Regulation, SEC Investigations, trigger
