Primary scope of coverage

Menu-driven policy form with coverage parts for D&O, E&O, ODL with EPL and Fiduciary Liability available via endorsement

Broad definition of "claim" includes criminal proceedings, SEC investigations, Extradition, and Derivative Demands

Broad definition of “executive” includes any director, officer, trustee, general partner, managing general partner or managing member, member of the board of managers, management committee member or Advisory Board Member or an Insured Entity, including any natural person appointed Chief Compliance Officer

Broad definition of "private equity professional services" includes due diligence and investigation of prospective Portfolio Companies by any Insured and selection of third-party service providers for any Portfolio Company

Coverage for insured persons sitting on the board of any portfolio company (Double Excess)

Double Excess ODL Coverage for all other “outside entities”

Narrow pollution exclusion: not applicable to non-indemnifiable loss

Narrow entity vs. insured exclusion:
  • Does not apply to claims by a bankruptcy or insolvency receiver, trustee, etc., for the entity
  • Does not apply to a claim brought by a Private Equity Fund if, in the written opinion of independent legal counsel, failure to make such Claim would be a breach of fiduciary duty owed to investors
Liberal notice provisions:
  • Notice of claim as soon as practicable after Chief Executive Officer, Chief Financial Officer, General Counsel or Risk Manager first learns of claim, not later than 60 days after the end of the policy period
Liberal representations clause:
  • Knowledge of any insured person not imputed to any other insured person

Insuring Agreement A is non-rescindable

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

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Online resources