Investment Management Advantage
The financial services industry in Canada must contend with a distinctive and stringent regulatory environment. As a result, financial institution firms have a unique susceptibility to professional liability claims and require specialized insurance products. Liberty Mutual Canada is one of only a few Canadian insurers with a dedicated department specializing in Financial Institutions professional liability products, and a team committed to providing clients with unparalleled service.
Target classes
Investment fund managers and portfolio managers that have strong management, a sophisticated institutional investor base and a track record of solid investment performance.
Generally excluded from appetite
- Cryptocurrency investment funds
- Mortgage Investment Corporations focused on 2nd or 3rd mortgages, construction or undeveloped land
- U.S. publicly traded asset management firms
Policy highlights
- Insured organization coverage for professional services, employment practices claims and securities claims
- Indemnified and non-indemnified outside individual coverage for insured persons serving on non-profit entities and certain for-profit entities
- Retroactive consent language for cost of corrections
- Fraud/willful violation exclusion – final, non-appealable judgment or adjudication language
- Predetermined allocation for defence costs with “floor language”
- Policy is non-cancelable except for non-payment of premium or mutual agreement between Liberty and the parent organization
- Broad definition of professional services
- Blanket definition of investment fund
- No size threshold for newly created investment funds
Capacity
Up to $15 million
The Liberty difference
- Dedicated underwriting team in Canada offering local service in both English and French and understanding of asset management operations for our target market
- Client focused underwriting team that understands complex risks and are dedicated to providing unparalleled service
- Strong claims reputation for mutual cooperation and sophistication in Canada with a claims team staffed with lawyers
