Travelers Introduces Enhanced Policy for Investment Advisers and Funds
21 9월 2006 - 11:00PM
Business Wire
A new policy designed to give added protection to investment
advisers, mutual funds and hedge funds for risks associated with
providing asset management products and services to investors was
introduced today by St. Paul Guarantee Insurance Company
("Travelers") at "Changing Channel: The Future of Mutual Fund
Dealers" symposium in Collingwood, Ontario. Travelers SelectOne(SM)
for Investment Advisers and Funds helps investment advisers, mutual
funds and hedge funds deal with exposures they might incur through
business interactions with investors, employees, shareholders,
governmental agencies and pension plan participants. Specifically,
the policy provides coverage for the following incidents: --
Failure to adhere to investment guidelines and restrictions; --
Misrepresentations and failure to adequately disclose risks; --
Mismanagement of investments by an adviser on behalf of a pension
fund; -- Breach of fiduciary duties to clients or pension plan
participants; and -- Unintentional errors committed in the course
of performing regular investment adviser duties. "Investment
advisers, mutual funds and hedge funds have come under increased
regulatory scrutiny over the last few years and as a result, these
groups are recognizing that they require coverage to address the
wide variety of risks they face," said Phil Baker, vice president,
Financial & Professional Services. "Our policy is flexible so
customers can choose the coverages they need and combine them all
under one policy with separate liability limits for each coverage."
Travelers SelectOne(SM) for Investment Advisers and Funds includes
an option to select products such as Investment Advisers
Professional Liability, Mutual Fund Liability, Employment Practices
Liability, and Fiduciary Liability. Separate coverage can be
purchased for fidelity and crime exposures under a financial
institution bond or a fiduciary dishonesty bond. Coverage is also
available for kidnap and ransom risks. Travelers has been
underwriting mutual fund investment advisers and funds in the
United States since 1988. For more information regarding this
product and other products offered by Travelers in Canada, visit
www.travelerscanada.com. About Travelers Travelers is a business of
The St. Paul Travelers Companies, Inc. (NYSE:STA), 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, financial
and professional services, global technology and public sector
services. St. Paul Travelers is ranked 85 in the Fortune 500, with
2005 revenues of $24.4 billion and total assets of $113.2 billion.
The company has approximately 32,000 employees.
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