Berkshire Hathaway Specialty Insurance (BHSI) announced that it has introduced its Professional First Venture Capital Liability Insurance Policy in Australia, offering tailored coverage for venture capital managers and funds.
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“Australia’s venture capital sector continues to mature, and the risks facing fund managers are evolving along with it,” said Andrew Boosey, Manager, Financial Institutions, Executive & Professional Lines, BHSI Australia. “We are pleased to bring this innovative solution to Australia to support VC managers as they navigate an increasingly complex risk landscape.”
BHSI’s Professional First Venture Capital Liability policy provides broad, customisable protection backed by BHSI’s financial strength and Claims Is Our Product philosophy.
The policy provides coverage for professional services performed by VC firms, as well as protection for directors and officers for claims arising from wrongful acts in the management of a company or fund.
The policy also includes reinstatement of Side A coverage, lifetime run-off cover for retired directors and officers, and comprehensive crime coverage.
Additional coverage highlights include: automatic cover for new funds, mitigation cover, cover for costs of correcting accidental errors in a fund’s net asset value calculation, optional entity investigations cover, and outside director cover for insured persons serving as representatives on the boards of portfolio companies.
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