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Policy Review

Apsley Horse

As part of our holistic service, we can conduct a full review into the adequacy of your existing wording or programme. The review will focus on the breadth of cover available under your current policy and consider the extent to which the exclusions are having detrimental effect on your ability to recover losses in the event of a claim.

All reviews are different and what is important to one group may be less important to another. Broad fraud and SEC exclusions are much more relevant to managers that deal with US money. Whereas for managers who actively trade it is essential that they purchase a policy that has a mechanism for dealing with trade errors before the onset of litigation by a fund.

It is also important to review the language of the indemnity provisions in the investment management agreement. Where the indemnity available to the manager is capped at gross negligence there must be a mechanism which allows the fund to recover any losses which are suffered as a result of the manager’s own negligence. All too often this is overlooked leaving the fund exposed to trade errors committed by the manager.