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Iron Cove Partners launches new Lloyd’s of London liability insurance policy for hedge and private equity fund managers

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Iron Cove Partners, a national insurance brokerage specialising in the needs of the alternative asset management community, has launched the Iron Cove Hedge Fund Select Policy, through a new partnership with a Lloyd’s Cover Holder and Financial Services Syndicate.

Iron Cove’s partnership with Lloyd’s allows the firm to offer the new insurance product in exclusivity.
 
“I am excited by the opportunities the new partnership offers,” says Iron Cove Vice President, Gregory C Sibilio (pictured). “Our new facility addresses the full range of liability exposures for our hedge fund and private equity clients under one policy form, and our manuscript policy provides the broadest definition of a ‘claim’ available in the industry, not to mention the availability of Employment Practices Liability and Cyber Crime offerings. Our product makes the decision to buy insurance easy for any alternative asset management firm.”
 
After taking a client survey during a recent Cyber Webinar, the company noted that 51 per cent of respondents said that loss of customer capital was the biggest concern specific to a cyber breach.
 
“The survey was quite telling,” says Iron Cove CEO Lou D’Agostino. “Our Iron Cove Hedge Select Policy form includes coverage for Social Engineering specifically to address this concern. Creating our own, exclusive Lloyd’s facility for hedge funds gives us a tremendous advantage in the marketplace. We are now positioned to provide clients with all available options across American and European insurance markets, ensuring the due diligence hedge fund managers deserve.
 
“Our claims staff has handled some of the largest financial services claims in history, including those stemming from SEC enforcement and DOJ proceedings, as well as those surrounding Bernie Madoff,” says D’Agostino. “With seventeen years in the financial services and insurance industry and more than 150 hedge and PE funds relying on our products, we specifically tailored the new manuscript policy with these types of claims in mind.”

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