The Gallagher-designed policy, backed by ‘A+’ rated capacity, responds to the needs of managers and funds by covering personal liability, civil liability and crime in one comprehensive package exclusive to Gallagher clients.
Notable enhancements include:
• Full limit mitigation cover — insureds can take mitigating action immediately, without obtaining insurers’ prior consent, to the full limit of the policy. This will cover payments made and costs incurred in seeking to avoid claims that would be covered under the policy were they to be made;
• Costs cover for both actual and threatened regulatory investigations — for directors and officers, the manager and funds;
• Clear and precise notification requirements — claims notification only triggered by a specified person’s awareness of a written demand (not ‘oral’ and not ‘company’s knowledge’);
• Broader cover for cyber risks;
• Cover for additional costs and expenses resulting from a range of adverse events and contingencies, such as the freezing of personal assets or court attendance payments.
Matthew Hughes, Divisional Director, Financial and Professional Risks at Arthur J. Gallagher, said:
“The insurance landscape for investment managers is extremely competitive, creating a positive risk transfer environment. With regulatory investigations on the rise — including those closed without a public outcome or fine but costly to defend — and cyber criminals finding ever more inventive ways to attack the systems of investment managers, speed of response and the freedom to take mitigating action are vitally important.
“The enhancements we’ve made to IMI Pro place it at the forefront of what is available in the market in terms of the scope of cover it affords, while maintaining broad non-disclosure language to ensure that the policy can respond even as risk exposures continue to shift.”
Additional highlights of IMI Pro include:
• Clear and simple policy wording
• Broad coverage, less exclusions
• Flexible cover – buy the cover the way you want to
• Backed by ‘A+’ rated capacity
• Separate limits of cover for the ‘manager’ entities versus the ‘fund’ entities
• No exclusion for claims made by funds against the manager
• Broad and automatic cover in the event of an acquisition
• Broad non-disclosure language, negating insurers’ ability to decline claims
• Additional limits available for Non-Executive Directors
• Meets coverage requirements as prescribed by Article 12 of the Alternative Investment Fund Managers Directive
• Defence costs
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