Travelers Introduces Independent Review Committee Liability Coverage in Canada

    ONTARIO, CANADA, June 13 /CNW/ - Travelers today launched a major new
enhancement to its SelectOne(SM) liability policy for investment advisors and
funds in Canada. The company's new Independent Review Committee Liability
Insuring Agreement will provide superior liability protection to Independent
Review Committee (IRC) members.

    National Instrument 81-107 requires the creation of an IRC for each
investment fund that is a reporting issuer. The Instrument prescribes the
functions of the IRC and requires that fund managers submit conflict of
interest matters arising out of fund management to the IRC for review. IRC
members are charged with making recommendations to the fund manager as to how
these conflicts may be resolved. Travelers IRC Liability Insurance Coverage
provides superior protection to members of the IRC when the investment fund or
the investment fund manager does not provide them with indemnification, and
will reimburse the investment fund or advisor when it does provide

    "IRC members may face liability for breaches of their obligations under
National Instrument 81-107, as well as potential liability for negligence,
negligent misrepresentation and/or breach of fiduciary duty," said Phil Baker,
vice president, Travelers Financial and Professional Services in Canada. Baker
notes, "Traditional Management Liability Insurance will not adequately protect
the unique needs of the IRC members. Travelers created this policy to protect
the personal assets of the IRC members by providing comprehensive dedicated
coverage." The IRC policy can be combined with the existing mutual funds'
liability coverage with either shared or separate limits or offered on a
stand-alone basis.

    Some of the coverage highlights include:

    --  Separate dedicated limit of liability for IRC members available;

    --  Independent Review Committee Member Individual Coverage may be
purchased on a stand-alone basis or in conjunction with the mutual fund or
advisor indemnification reimbursement coverage;

    --  Non-rescindable against the Independent Review Committee members;

    --  Broad definition of Wrongful Act which provides coverage for IRC
members for errors committed in their capacity as IRC members - coverage is
not limited to the activities set out in National Instrument 81-107; and

    --  No Insured vs. Insured exclusion.

    Independent Review Committee Liability Insurance Coverage is currently
available from independent brokers located throughout Canada. For more
information regarding this product and other products offered by Travelers in
Canada, please contact Phil Baker, vice president, Travelers Financial and
Professional Services in Canada at or visit

    About Travelers

    Travelers understands that life and business are inherently dynamic and
that the best way to serve agents and policyholders is to deliver insurance
that evolves to stay in-synch with life and business as they change. For more
information on being in-synch, visit

    The Travelers Companies, Inc. (NYSE:  TRV) is a leading property casualty
insurer selling primarily through independent agents and brokers. The
company's diverse business lines offer its global customers a wide range of
coverage in both the personal and commercial settings, including automobile,
homeowners, construction, small business, oil and gas, ocean marine, bond and
financial products, global technology and public sector services. Travelers is
a Fortune 100 company, with 2006 revenues of $25.09 billion and total assets
of $113.76 billion. The company has approximately 33,000 employees.

For further information:

For further information: Travelers Media Contact: Gail Liebl, APR,

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