Chubb Group of Insurance Companies has introduced a new endorsement that provides venture capital and private equity firms with enhanced insurance coverage to address the evolving regulatory, economic environments and complex deal structures.
The endorsement is an enhancement to Chubb’s Venture Capital Asset Protection policy, which covers directors and officers liability, errors and omissions liability and outside directorship liability under one contract.
Other features of the endorsement include: eliminates scheduling requirements for funds, investment holding companies and newly-created funds engaged in similar activities as the existing funds; includes a new, less restrictive ‘organization vs insured’ exclusion compared to the industry standard ‘insured vs insured’ exclusion; and expands the definitions of ‘organization’, ‘insured person’ and ‘claim’.
Chubb Specialty Insurance assistant vice president and venture capital/private equity product manager Ric Duenaz said, Chubb’s new endorsement helps venture capital and private equity firms address new risks and exposures in an increasingly fast moving and constantly evolving industry.
The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 8,500 agents and brokers.
Chubb’s global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.