Chubb boosts fund cover

Chubb has revamped its fund protection policies and launched a Venture Capital Asset Protection (VCAP) product.

The insurer says it has enhanced the D&O and errors and admissions cover in its Property Fund Protection, Hedge Fund Protection, Private Equity/VCAP and for other funds.

“The enhancements have been made following extensive broker and client research. Each policy is specifically tailored to the risks of that fund sector and offers protection for the individual fund, its investment holding companies or service providers, directors, officers, executives, advisory board members and other employees,” the company said.

Ralf Rebetge, manager of the financial institutions department at Chubb said: “Market conditions are tough for everyone at the moment, particularly financial institutions. Despite the current market turmoil, we are standing by the sector and have improved our policies for asset managers to continue to offer top coverage in the market. Chubb’s financial stability and dedication to our service allows us to offer improved products in the financial sector, at a time when other insurers are leaving the market or restricting their cover.”

Policy holders also have the option of covering against crime with tailor-made policies looking at their individual risks. The separate crime policies, one for Private Equity Companies and one for all other fund types take into account the differing structures of the funds and their associated risks.

Rebetge said: “Chubb was one of the first insurers to enter this market and we still firmly believe that there is quality in the sector. Our extensive research has shown us that there is a flight to quality by clients. Our enhancements to the fund protection range and the additional offering of crime policies for these funds ensure that we are offering our policyholders market leading, quality cover.”