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
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!
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
APRIL 30th, 2014
Tags: Insurance, insurance, Iron Cove Posts, Broker-dealer, Cost, Coverage, Coverage Overview, Dodd-Frank, Errors and Omissions, Fiduciary, Fiduciary Liability, Finra, Liability, Registered Representative, Regulation, SEC, SEC Investigations, Securities Dealers
Top Ten Most Important Things Investment Advisers and Broker-Dealers Need to Know About Their E&O Insurance
May 29th, 2013
Tags: Insurance, insurance, Investment Advisers, Iron Cove Posts, Broker-dealer, brokerage, Claims, Coverage Overview, E&O Insurance, Errors and Omissions, Expertise, Iron Cove Partners, Litigation, Lou D'Agostino