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Overview

Investment managers work in an increasingly challenging regulatory environment. They may be exposed to allegations regarding wrongful acts, and other civil liabilities. As a result, this represents high risk of personal litigation and unlimited financial liability when decisions are made.

With potential penalties that range from hefty fines to disqualification, and possible imprisonment, the need for an immediate and effective response to any threat is clear. AIG offers insurance solutions for Financial Institution Professional Indemnity, Director and Officer, and Crime insurance coverage.

Product highlights

Customized for financial institutions

This eliminates the need for the Insured to get separate Financial Institution Professional Indemnity (FIPI), D&O, and Crime insurance policies thus, the Investment Management Insurance (IMI) policy being cheaper.

Broad definition of Director and Officer

It refers de facto-director, natural general partner in a Fund, an employee, and a compliance committee member.

Broad definition of Fund

It includes managed investment scheme, investment trust, sub-fund or sub-trust.

Automatic cover for outside several persons

This also covers outside entity directors, domestic partners, administrators, and executors. It also covers solicitors retained by Insured, trustees and fiduciaries of Insured’s pension plans, outsourced service providers, ex-employees for 60 days, and unidentifiable employees.

Who is it for?

Investment Management Insurance is a comprehensive insurance policy which covers the professional civil liability of the Investment/Fund manager for wrongful professional acts, directors and officers of the Investment Manager, Funds and subsidiaries, and lastly, for acts of infidelity and third-party crime.

What is covered?

Investment Management Insurance provides coverage to professionals from financial institutions against wrongful professional acts of the fund managers, management liabilities, infidelity of employees and third-party crime.

 

Coverage for Financial Institutions’ Professional Indemnity (FIPI):

Investigations costs and defense costs.
Provides cover against awards of damages, costs or settlements.

Court attendance

Provides US$500 per day for each day on which the Insured person has been required to attend court as a witness.

Data protection and privacy liability

Covers for loss against breaches in data protection and privacy.

Loss of documents

Covers for loss on any document of any nature other than currency or other negotiable instruments.

Coverage for Directors and Officers (D&O):

Investigation

Covers for Investigation costs of the Insured arising from any hearing, examination, investigation or inquiry by any regulator, government body or agency, etc. into the affairs of the Insured.

Assets and Liberty

Covers for Bail Bond and Civil Bond premium, prosecution costs and Assets and Liberty Expenses.

Crisis containment

Covers for fees, costs and expenses handled by the Crisis management team to mitigate the impact of any crisis event.

Extradition costs

Covers for the extradition costs of the Insured.

Life-time run-off for retired Insured persons

Provides unlimited Discovery Period for any retired Insured Person.

Public relations expenses

Covers for Public Relation expenses of the Insured.

Crime protection:

Covers for Direct financial loss to the Insured from any act of infidelity or third-party crime.

Kidnap response (optional)

Covers for Kidnap Response Costs which includes reasonable fees and expenses incurred in response to any kidnapping, hijacking or wrongful detention anywhere other than Afghanistan, Central and South American countries, India (Kashmir), Iraq, Nigeria, Pakistan, Chechnya, Iran, Sudan, Cuba, Myanmar and Somalia.

Loss establishment costs (optional)

Covers for fees and expenses in relation to investigate, prove, and report a Direct Financial Loss.

Lost instrument bond (optional)

Covers the Insured for the amount it is required to pay to an issuer of a lost instrument bond.

Repair of computer programs (optional)

Covers for expenses or fees incurred for the verification, reconstitution or removal of electronic computer programs which have been fraudulent or maliciously prepared, modified or deleted which arises to a direct financial loss.

 

How to make a claim?

When you buy insurance from AIG, you can have confidence that we stand ready to help you recover quickly when the unexpected happens. The claims operation that underpins every AIG policy is one of our greatest strengths, with a strong local claims team backed by our global network of expertise to support you when you face a loss.

For claims associated with Investment Management Insurance, please reach out to your insurance broker to assist you. The client must report in writing to AIG as soon as practicable and within the Policy Period. Potential facts or circumstances that may lead to a claim should be reported prior to the expiry of the Policy Period.

You may also contact us at:

Landline: +63 2 878 5456

Email: phlweserve_CML@aig.com  and financiallines.phl@aig.com

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