SOURCE: Everest Specialty Underwriters, LLC

Everest Specialty Underwriters, LLC

December 10, 2010 16:06 ET

Everest Specialty Underwriters Introduces New Investment Management Liability Product

Covers Broad Range of Liability Exposures for Asset Managers

NEW YORK, NY--(Marketwire - December 10, 2010) - Everest Specialty Underwriters, LLC (ESU) today announced the introduction of its new primary investment management policy. This product addresses the professional liability exposure and the directors and officers (D&O) liability exposure facing a wide array of asset management firms, including investment advisors, wealth management firms, mutual funds, hedge funds, fund of funds, real estate investment trusts, private real estate funds and private equity partnerships. Designed by ESU's Financial Institutions Group, a seasoned team of knowledgeable underwriters and claims specialists, this product is the second in a series of new and innovative ESU product introductions.

"In today's complex and volatile environment, it is essential to be prepared for the unexpected and to protect the financial assets of both the firm and its employees," says Kevin Koehler, Vice President, Everest Specialty Underwriters, LLC. "The investment management liability product was designed with input and feedback from prospective clients, insurance brokers and the legal community. It offers flexibility and coverage options to tackle a wide range of liability exposures such as lawsuits arising from failure to disclose risks or conflicts of interest, failure to perform due diligence and regulatory proceedings. In addition, it is backed by the A+ (Superior) financial strength of the Everest group of insurance companies."

The Investment Management Professional and Management Liability Policy includes a broad definition of investment services including a comprehensive definition of claims. Coverages include:

  • Investment Advisor Professional Liability
  • Fund Professional Services and Management Liability (Mutual Fund and Private Fund Coverage)
  • Investment Advisor Management Liability

In addition, the following coverages may be added by endorsement or on a separate policy:

  • Employment Practices Liability
  • Fiduciary Liability
  • Distributor Coverage
  • Cost of Corrections Coverage
  • Financial Institutions Bonds (on a separate policy)

To learn more about ESU's Investment Management Professional and Management Liability Policy, contact Kevin Koehler, Kevin.Koehler@everestnational.com at 646.746.2718; or Chris Luca, Christopher.Luca@everestnational.com at Tel: 646.746.2740. 

About Everest Specialty Underwriters, LLC
Everest Specialty Underwriters, LLC (ESU) focuses on insurance solutions for Financial Institutions and Commercial customers. ESU is a member company of Everest Re Group, Ltd. whose operating companies are rated A+ XV superior by AM Best, A+ by S&P and Aa3 by Moody's. ESU is headquartered at 461 Fifth Avenue, New York, NY 10017-6234. Visit the website at www.everestre.com or call 646.746.1990.

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