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
AIFMD And What It Means For Your Insurance Program
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
Coverage for SEC Inquiries under a Hedge Fund D&O Insurance Policy
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
Iron Cove Partners Launches iPhone Application
Iron Cove Partners Insurance Application now available in the iTunes App Store
"An application developed in order to get all of your critical insurance related documentation and news in one place!"
Tags: Insurance, agency, Iron Cove Posts, Business, Company, Company News, Directors & Officers Liability, hedge fund, Insurance Solutions, iphone application, Iron Cove, Iron Cove Partners, Lou D'Agostino, Multimedia, Property & Casualty, technology
Management Company Liability to Outside Shareholders
Most Money Management Firms purchase blended D&O and E&O Insurance Policies under the assumption that they are covered in the event an outside shareholder brings a lawsuit alleging mis-management or breach of fiduciary. While they may be right, there are a variety of policy provisions that could preclude coverage in the event of litigation.
Tags: Hedge Funds, Insurance, Advisory Board Member, Breach, Directors & Officers Liability, Errors and Omissions, Fiduciary, financial institutions, hedge fund, Insurance Protection, Iron Cove Partners, Lawsuit, Liability, louis d'agostino, Management Company, Partner, Shareholder
Fiduciary Liability? Do we have it? Can I answer "YES" on the DDQ?
Fiduciary Liability
Countless numbers of our financial institution clients are asked to carry Fiduciary Liability protection by third-party investors. This request causes a lot of confusion for asset management firms due to the fact that they rarely ever purchase it (at least in the most literal sense).
Tags: hedge fund insurance, Hedge Funds, Insurance, agency, Asset Management, Iron Cove Posts, brokerage, Due Diligence Questionaire, ERISA, Errors and Omissions, Fiduciary, Fiduciary Liability, hedge fund, investment advisors, Liability, Lou D'Agostino, Pension Plans