Mar 11, 2016 12:40:58 PM
Launching a hedge fund is no easy task. From drafting the formational documents to regulatory filings to selection of key and critical vendors, there is no shortage of things to do prior to launch. Add to that list evaluating the respective insurance needs of a start-up fund. Start-up firms must entertain insurance products which may be either required (either by state law, regulation or by contract) or lines of insurance coverage which are elective and may be meant for more established firms. The process of not only reviewing what each policy may or may not cover but also taking into consideration the cost effectiveness and feasibility in the early stages of the business can be daunting.
In order to make this process a bit smoother and add some value in the early phases of a launch, we have created an Insurance Needs for Hedge Funds Guide which can assist you in your efforts of addressing insurance needs in the start-up phase.
About the Author
Louis D’Agostino is a Partner and Senior Vice President of Iron Cove Partners, LLC. Mr. D’Agostino is responsible for the oversight and management of IronCove’s Financial Institutions Practice which is dedicated to addressing the unique and complex risk management needs of companies engaged in the arena of financial services. i.e. Private Equity Funds, Hedge Funds, Investment Advisors, Securities/Dealers, Mutual Funds and the like. Mr. D’Agostino & his team currently serve as insurance advisor to some of the world’s largest Asset Managers and Financial Institutions.
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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).
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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:
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Apr 30, 2014 4:24:49 PM
April 30th, 2014
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