Posted on 10 Dec 2010
Chartis today announced that it has expanded its Passport service platform to include three additional products from its Executive Liability Division that are specifically designed for financial institutions: Investment Management Insurance, Private Equity Professional EdgeSM and Bankers Professional Liability Insurance. Passport allows multinational firms to seamlessly address international exposures through the issuance of locally-compliant policies in foreign jurisdictions through Chartis insurers’ offices worldwide.
With these latest additions to the Passport global service platform, the Chartis insurers are offering investment management firms, private equity and venture capital firms, and banks streamlined access to both management and professional liability insurance aligned with local laws, regulations and business practices worldwide. Policies are issued in the foreign jurisdictions where the insured operates through Chartis’ extensive global network. Along with indigenous coverage, policyholders are also provided with secure access to Chartis’ locally based claims and litigation management resources around the world.
“Today, many investment management, private equity and venture capital firms raise funds and invest capital worldwide, exposing their organization and executives to unique risks in multiple foreign jurisdictions. By offering locally-admitted management and professional liability policies, the Chartis insurers are providing a simplified way for financial industry professionals to secure high quality coverage to address global risks,” said Brian Benjamin, President of Executive Liability’s Financial Institutions Division.
These additional products enhance the existing Passport service available for financial institutions seeking local policies for their foreign directors and officers, employment, fiduciary and fidelity exposures around the globe.
The Chartis insurers have been a leading underwriter of management and professional liability insurance for financial institutions for nearly 40 years. Their extensive global network includes management and professional liability specialists with in-depth knowledge of local liability climates, and the ability to tailor coverage to optimally address the management and professional liability exposures of various jurisdictions around the globe.