Gert out your hankies. According to the insurancejournal, the ongoing financial crisis has claimed many victims over the past few years, but while banks and their depositors have been largely protected by taxpayer bailouts, the investment fund community, and the hedge fund industry in particular, has had to fend for itself to the tune of billions of dollars in investment losses. In response, Willis Group Holdings has designed an insurance program specifically to protect the liability of fund directors, including in the event of a collapse which exposes them to significant financial costs.
Ever since the start of the financial crisis, corporate governance has risen up boardroom and regulatory agendas, precipitating tighter controls across the banking and investment industry. Many institutions and firms now spend a great deal of time identifying potential exposures and implementing a controls framework, including training, monitoring and oversight, to minimize the risk of events that could give rise to liability.
Among other things the policies offer:
Cover for the director arising out of the acts of any service company appointed by the fund.
Retired directors’ lifetime run-off cover.
An application process that allows Willis to provide coverage in less than 24 hours, if required.
Read more and weep at http://www.insurancejournal.com/news/international/2011/10/18/220563.html
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