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Member, Beacon International Group, Ltd.
IronPro, Ironshore Canada Ltd.’s professional and management liability unit, is offering a professional liability policy for Canadian private equity and venture capital firms to protect against global portfolio investment risk exposures, Ironshore said Monday.
The private equity liability insurance policy provides comprehensive coverage for private equity firms facing risks arising from funds’ indemnity obligations, the insurer said in a statement.
Developed in response to potential gaps in insurance protection for diverse risk exposures within specialized investment funds managed by Canadian private equity firms, the policy provides coverage for directors and officers, errors and omissions, mergers and acquisitions, and employment practices liability and can include provisions for general liability risks, according to the statement.
The policy has limits for up to $15 million, the insurer said.
“IronPro recognizes that private equity funds in Canada can have unique, distinct structures that offer various services to support portfolio company operations, thereby resulting in significant risk exposure,” Daniel Lee, underwriting manager for IronPro, Ironshore Canada Ltd., said in the statement. “Private equity professionals who manage funds by taking calculated investment risks should consider specialized insurance to protect themselves and the funds’ indemnity obligations that arise through normal business activities.”