Professional Indemnity

Professional Indemnity insurance was designed for professionals who provide advice or a service to their customers. It is designed to protect you against legal costs and claims for damages to third parties which may arise out of an act, omission or breach of professional duty in the course of your business.

If a mistake or omission occurs in the course of your work that results in financial loss or injury to a third party (e.g. a customer)—that customer may take legal action against you to recover their losses. Professional Indemnity insurance seeks to protect both your assets and your reputation, should this occur.

Why do I need it?

Defending yourself from a professional conduct claim can cost you time, money and damage your reputation, regardless of whether the allegations are founded or not. If things do go wrong you could be held responsible not only for your own actions, but for those of your partners, employees or volunteers.

Who is covered by my Professional Indemnity policy?

A Professional Indemnity insurance policy should cover not only your business, but also any principal, employee, director, partner or related entity whilst acting with the scope of their duties.

Contact Ms Romi Gill or Mr Robin Brown for more Information. email crew@navigator-insurance.com Tel 852 2530 2530

In general terms, insurers assess their appetite for a risk and base the premium and coverage they offer on such things as:

1. The size of Assets Under Management (AUM)

2. The Sum insured.. in our observation, companies with under USD250m under management are typically looking at c USD3-5m coverage and those with toward USD500 under management, are considering USD10m in coverage.

3. The degree to which the fund wants separate policies for separate funds or whether they want one policy to cover all funds

4. Any history of claims.

5. The percentage of USA investors and the nature of these investors.. For example pension funds will have a fiduciary duty to their clients and be especially watchful in case of losses.

6. The level of gearing/leverage: Any borrowing ratio of more than 2:1 will often become and issue for the insurer.

7. History and track record of key individuals.

8. The sophistications and volatility of the investment strategy and nature of underlying invesments.

9. The degree to which the fund can demonstrate strong internal compliance, controls and due diligence.

10. Whether the fund wants a combined polciy covering Professional Indemnity, Directors and Officers and Crime, or whether the fund wants to say focus initially on just Professional Indemnity cover.

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