Private Equity+(SM) extends coverages, blending Professional, Management and Employment Practices Liability coverage, to insure private equity firms in Canada for a broad range of activities and services
TORONTO , April 3, 2019 /PRNewswire/ -- Chubb is now providing expanded insurance coverage through its Private Equity+SM offering to address the unique risks of Canadian private equity firms. Designed as a comprehensive solution, these extended offerings help transfer and mitigate many of the private equity firms' most significant liabilities by combining four management liability coverages including management (Directors and Officers), outside directorship, professional services (Errors and Omissions), and Employment Practices Liability in one policy.
"Private equity firms in Canada face a variety of unique and personal liability exposures due to their wide range of responsibilities. As a result, they need a comprehensive insurance product that addresses their ever-evolving activities," said Carol McLellan, Vice President, North America Financial Lines, Chubb. "Chubb understands private equity exposures and has a long history serving the private equity marketplace, which enables us to deliver market-leading coverage enhancements, including the coverage extensions now embedded in this unique new product."
Some of these coverage extensions include:
- Portfolio company pre-acquisition defence costs that may arise from lawsuits brought against the private equity firm as controlling shareholder of a portfolio company - even when the alleged acts of the portfolio company precede the private equity firm's acquisition date
- Crisis costs incurred by the private equity firm, including hiring a public relations firm to mitigate the potential reputational damage resulting from the termination of a key executive
- Defence costs incurred by a private equity firm executive as a result of his or her being interviewed by regulatory enforcement agencies
Chubb began offering coverage to private equity firms in 1997, and was one of the first insurers to develop integrated management and professional liability insurance products tailored for this market.
"Private equity firms select Chubb to be their primary insurance carrier based on our breadth of experience, financial strength, exceptional service capabilities and fair claims handling proficiencies," said McLellan.
For more information on Private Equity+SM, click here, or contact your local Chubb broker to craft an insurance program to meet your firm's unique and evolving needs.
Chubb is the world's largest publicly traded property and casualty insurance company, and the largest commercial insurer in the United States . With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich , New York , London , Paris and other locations, and employs more than 30,000 people worldwide. Additional information can be found at: chubb.com.
Chubb Insurance Company of Canada has offices in Toronto , Calgary , Montreal and Vancouver and provides its products and services through licensed insurance brokers across Canada . For additional information, visit: chubb.com/ca.