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Chubb Ltd. is providing expanded insurance coverage thorough its Private Equity+ offering to address the unique risks private equity firms face, the insurer announced Wednesday.
According to a statement released by Chubb, the extended offerings provide private equity firms with a “comprehensive solution designed to help transfer and mitigate many of their most significant liabilities by combining four coverages focused on management (directors and officers), outside directorship, professional services (errors and omissions), and employment practices liability into one policy.
Some of the coverage extensions in the policy include:
Limits are “case by case” on the expanded coverages, a Chubb spokeswoman said in an email.
The 2nd U.S. Circuit Court of Appeals in New York has overturned a lower court ruling in favor of a Chubb Ltd. unit in a case in which a chocolate company was denied coverage for damage caused by Hurricane Sandy’s storm surges.