Chubb Covers New Risks of Venture Capital and Private Equity Firms
WARREN, NJ, — A new endorsement from the Chubb Group of Insurance Companies provides venture capital and private equity firms with enhanced insurance coverage that addresses the evolving regulatory and economic environments and increasingly 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. Among other features, the endorsement:
* 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’s new endorsement helps venture capital and private equity firms address new risks and exposures in an increasingly fast moving and constantly evolving industry,” said Ric Dueñaz, assistant vice president and venture capital/private equity product manager for Chubb Specialty Insurance.
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.
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