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Hartford policy protects investment firms

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Hartford Financial Services Group Inc. said Monday that it has expanded its management and professional liability insurance for asset management firms to cover cyber and regulatory risks.

Asset Management ChoiceSM Policy is designed for firms of all sizes and allows asset managers to customize coverage based on their specific needs. Some of the coverage options include protection for directors and officers; investment advisor professional services; and employment practices liability, Hartford said in a statement.

Additionally, the expanded coverage will address network security liability, first party expenses related to network security risks, crisis management services, and legal fees, according to the statement.

“Today’s asset management firms operate in an increasingly complex regulatory environment and face an unprecedented array of liability risks,” said Steve Prymas, vice president of management and professional liability insurance at Hartford, in the statement. “With the SEC’s heightened focus on cyber security preparedness and threats in the securities industry, it is more critical than ever for asset management firms to have appropriate insurance for these types of risks.”