A new insurance program is designed to address gaps in management liability insurance carried by many mutual funds
Munich-American RiskPartnersance program is designed to address gaps in management liability insurance carried by many mutual funds. The program places special emphasis on independent directors, to help protect them as they ensure a fund adheres to its investment strategy and as they monitor the performance of fund managers.
The program offers a broad definition of professional services and insured-versus-insured coverage, which protects directors against suits brought by fund managers or advisors. The program also provides protection against such exposures as punitive damages where lawfully insured, and third party Internet liability. In addition, the program provides independent directors with a separate dedicated aggregate limit in the event the primary policy's limits are eroded by other claims.
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