Magazine article Risk Management

Mutual Funds, Landscaping, Swinging Hammers

Magazine article Risk Management

Mutual Funds, Landscaping, Swinging Hammers

Article excerpt

Mutual Fund Director Coverage

Regulators have been working to ensure that independent directors of mutual funds can exert authority over direction and performance, which in turn has left directors subject to a higher degree of scrutiny by investors and regulators. Fund directors and officers have expressed concern that their insurance programs have not kept pace with these hazardous financial exposures. In response to this quandary, Marsh has launched Mutual Fund Director Coverage, an insurance program that addresses gaps in management liability insurance carried by many mutual funds. With special emphasis on independent directors, it will strengthen the ability to ensure that a fund adheres to its investment strategy and monitors the performance of fund managers. The program offers a broad definition of professional services and insured verses insured coverage, which protects directors against suits brought by fund managers or advisors. In addition, the program provides independent directors with a separate dedicated aggregate limit in the event the primary policy limits are eroded by other claims. For more information, call 212.345.4052 or visit www.marshweb.com.

Business Catastrophe

A company's survival may depend upon its ability to surmount a catastrophic crisis, whether from nature or from the hand of man. American International Group (AIG) has introduced Umbrella Elite Self Insured Retention, a policy designed for insureds with a self-insured retention of $1 million or more. It provides access to the AIG Excess Casualty Panel Counsel, a specially selected group of nationally known law firms and offers advancement of crisis response costs and crisis communications management insurance. Insureds can receive a credit of up to 10 percent of the self-insured retention and preferred hourly rates from counsel firms. The credit is available to insureds for covered casualty crises. For more information, call 212.770.3141 or contact Umbrella. Elite@aig.com.

Get Green from Brown

The landscaping business seems easy: cut a little grass, pull a few weeds, and watch the greenbacks in your bank account grow. But the work is hard and protecting your business in today's competitive market is even harder. That's why Brownyard Group is offering a comprehensive insurance package tailored for the landscaper business under its new program, Greenyard. It offers business auto, workers' compensation, employment practices liability, third party fidelity coverage, license bonds, property coverage, inland marine and an umbrella policy. …

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