Specialist insurer Beazley has launched new policy wordings designed to meet the insurance needs of private equity and investment management firms operating in a rapidly evolving risk landscape.
The new wordings provide tailored worldwide cover that includes:
- Directors and officers (D&O) liability
- Errors & omissions (E&O) liability
- Defence costs and investigations costs
- Regulatory costs
- Reputation management costs
- Key person cover
- Overall limit for all insurance clauses (D&O and E&O)
- Automatic & premium free reinstatement
- Additional & premium free AIFM reinstatement
This extends Beazley’s existing offering for financial institutions in Germany, which provides cover for a wide range of small, mid-sized and larger financial organisations more generally.
Other covers available for all financial institutions and other commercial organisations across Germany includes crime, cyber & data breach and D&O.
Ute Falkenbach, financial lines underwriter at Beazley, said: “Investment managers and private equity funds are operating in a particularly challenging environment, impacted by the recession and changing client behaviours due to COVID-19. In this tightly regulated sector, it is critical firms have holistic insurance cover in place that provides reassurance and protection should something go wrong.
“We have designed new policy wordings with clear and simple language tailored to protect financial organisations and help them to build resilience against the complex, interconnected risks that they face.”