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Investment Adviser D&O/E&O
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