Primary scope of coverage

Menu-driven single policy form with coverage parts for D&O, Investment Adviser E&O, Investment Company (Mutual Fund) E&O, and Private Fund E&O

Derivative Investigation Expenses coverage

Cyber Breach Management Services Liability available upon request for most risks

Broad Definition of "Defense Costs" includes Insured Persons costs, fees and expenses under Sarbanes Oxley 304(a) and Section 954 of the Dodd- Frank Act, Corporate Manslaughter Acts costs and extradition costs

Broad definition of "claim" includes arbitration, formal administrative, and regulatory proceedings: Investigations commenced by the receipt of Target Letter or Wells Notice; Extradition coverage for Insured Persons; and written requests to toll or waive the applicable statue of limitations

Broad definition of "Insured Person" includes any director, officer, general partner, managing general partner, managing member or member of the management committee, Advisory Board Member, chief compliance officer, and foreign equivalents of the Insured Entity

Broad definition of "Private Fund Professional Services" includes investment management services to a Private Fund and creation, distribution, sale of securities in, or management or administration of a Private Fund

Broad definition of "Loss" to include violations for Sections 11, 12 or 15 of the Securities Act of 1933, plaintiffs attorney fees included in settlement or judgement of a Derivative Demand

Automatic coverage for newly created Investment Companies and Private Funds; and automatic run off coverage for terminated and/or liquidated funds

Nonprofit Double Excess ODL Coverage for "outside entities"

Narrow pollution exclusion: not applicable to nonindemnifiable loss

Insured vs Insured Exclusion replaced with an Insured vs. Entity Exclusion 

Liberal notice provisions: 
  • Notice of claim as soon as practicable, not later than 60 days after the end of the policy period 

No Panel Counsel 

No hammer clause 

Advancement of defense costs up to 90 days 

Noncancellable by the insurer except for nonpayment of premium 

Bilateral discovery


Excess scope of coverage

Follows primary policy, but no broader than the most restrictive underlying insurance policy

No exclusions

Policy will not drop down due to exhaustion of sublimit, but policy will recognize payment of sublimit

Follows the underlying policy, designated as "Followed Policy" for key terms such as:
  • Cancellation
  • Discovery period
  • Notice of claims

Short policy form - only two pages in length

Need to file a claim?
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Online resources