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Zurich American Insurance Co. said Wednesday that is has enhanced its liability policy, Zurich Asset Management Select form.
Zurich Asset Management Select form is for investment advisers, mutual fund and hedge fund managers and was revised to respond to a rise in regulatory risk from new investigative approaches used by the Securities and Exchanges Commission, Zurich said in a statement.
The liability policy includes coverage for derivative demand investigation costs which is usually only available through endorsement. It also includes inquiry costs coverage, non-party witness coverage and pre-insolvency hearing costs coverage, according to the statement.
“The enhancements lie in the fact that all the generally available coverages are now included in the base form, instead of covered by endorsement. Alternative investment fund managers directive is also included in the base form,” according to a Zurich spokesman.
“Our customers are vulnerable to increased regulatory scrutiny by the SEC and its use of improved investigative tactics,” said Marc Tauber, vice president of National Accounts Financial Services for Zurich North America in a statement. “In response, we have enhanced our Zurich Asset Management Select policy to provide superior coverage for regulatory and other risks.”
South Africa-based insurer Zurich SA is expecting an after tax profit of 100,000 South African Rand ($8,020) in the first half of 2015, as reported by Independent Online.