Chubb Insurance has launched the UK's first insurance policy aimed specifically at the hedge fund industry.
Chubb's hedge fund policy has been designed to provide specific professional indemnity (PI) cover for hedge fund managers as well as specially tailored directors and officers' (D&O) liability insurance.
John Taylor, Chubb's UK and Ireland Manager for Financial Institutions, said: “The demand for this new product was driven by strong growth in the hedge fund industry and the increasing exposure of funds and their management to potential litigation.”
“The hedge fund policy differs from general D&O and PI wordings because it is designed to insure a range of entities...including offshore funds, partnerships, advisers, investment managers and other parties all operating from legally and geographically separate locations.
"The benefit of our policy is that it will respond to the broad range of D&O and PI exposures faced by the numerous entities involved in the operation of the hedge fund.”
