TORONTO, Nov. 8, 2016 /CNW/ -- Family offices face significant liability exposures, but a new suite of insurance coverages from Chubb can help manage the risk for Canadian firms. Family Office Amplifier is a flexible package of coverages that includes specialized terms and conditions that reflect today's evolving financial and regulatory environment.
"Family office directors, officers and executives face complex liability exposures. They are charged with adhering to a high level of fiduciary care in managing their high-net-worth clients' wealth and assets. Failure to adhere to these fiduciary duties can result in costly litigation," said Cameron Rose, Senior Vice President, Financial Lines, Chubb in Canada. "Family Office Amplifier recognizes the unique needs of family offices and offers liability protection in a customizable insurance package to help protect the firm from these liabilities."
Chubb's Family Office Amplifier coverage addresses the wide spectrum of family office risks including professional liability, trustee liability and employment practices liability. In addition, to reflect today's evolving family office risks, Family Office Amplifier includes the following broad terms and conditions:
- The definition of organization includes any trust, in addition to family office; subsidiary of the family office; private funds, including management entities such as general partners, managing members and advisors; and investment holding companies of any trust or private fund.
- If the policy is renewed, claims can be reported up to 180 days after the policy has expired.
- After a claim has been submitted and all requested information has been received, Chubb will advance defence costs to the insured within 90 days.
"Family Office Amplifier is a testament to Chubb's broad and complementary capabilities that span its commercial and personal lines products and services," said Paul Johnstone, Senior Vice President, Personal Risk Services, Chubb in Canada. "We are excited about what this new suite of coverages offers our high-net-worth clients utilizing family offices."
Chubb has a long history of providing specialized insurance products and risk management services to family offices, financial institutions and high-net-worth individuals. In February 2016, for the second consecutive year, Chubb was recognized as the Best High-Net-Worth Insurance Company by Private Asset Management (PAM), a leading publication that reports on the wealth management and family office industry.
Product highlights are summaries only; please see the actual policy for terms and conditions. Product offerings may vary by location.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: chubb.com.