The Hartford Expands Coverage For Asset Management Firms
August 10 2015 - 9:42AM
Business Wire
Insurer extends liability coverage available for network
security risks and regulatory investigations
The Hartford has expanded its management and professional
liability insurance for asset management firms with a blended
liability policy offering new and extended coverage to address key
cyber and regulatory risks.
“Today’s asset management firms operate in an increasingly
complex regulatory environment and face an unprecedented array of
liability risks,” said Steve Prymas, vice president of management
and professional liability insurance at The Hartford. “With the
SEC’s heightened focus on cybersecurity preparedness and threats in
the securities industry, it is more critical than ever for asset
management firms to have appropriate insurance for these types of
risks.”
Designed for firms of all sizes, The Hartford’s Asset Management
ChoiceSM Policy offers asset managers the opportunity to tailor
coverage based on their specific needs. Coverage options include
protection for directors and officers; investment advisor
professional services; employment practices liability; private and
registered funds; fiduciary and cyber liability; and kidnap &
ransom, with new and expanded coverage1 to help address:
- Network security liability;
- First party expenses related to network
security risks, including breach-related notification costs;
- Crisis management services;
- Expenses related to cooperation with
regulatory investigations;
- Expenses incurred to comply with
regulations governing the recovery of erroneously awarded
compensation2;
- Legal fees and expenses incurred by an
employee called to testify as a witness in a hearing in which they
are not a plaintiff or defendant.
“These enhanced coverage options are the latest example of our
focus on developing comprehensive management and professional
liability insurance products that respond to the rapidly shifting
regulatory landscape in which our customers operate,” said
Prymas.
For more information about The Hartford Asset Management Choice
and the company’s property and casualty coverages for firms in the
asset management industry, visit www.thehartford.com/AMC.
About The Hartford
With more than 200 years of expertise, The Hartford (NYSE: HIG)
is a leader in property and casualty insurance, group benefits and
mutual funds. The company is widely recognized for its service
excellence, sustainability practices, trust and integrity. More
information on the company and its financial performance is
available at www.thehartford.com. Join us on Facebook
at www.facebook.com/TheHartford. Follow us on Twitter
at www.twitter.com/TheHartford.
HIG-M
Some of the statements in this release may be considered
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. We caution investors that these
forward-looking statements are not guarantees of future
performance, and actual results may differ materially. Investors
should consider the important risks and uncertainties that may
cause actual results to differ. These important risks and
uncertainties include those discussed in our 2014 Annual Report on
Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the
other filings we make with the Securities and Exchange Commission.
We assume no obligation to update this release, which speaks as of
the date issued.
From time to time, The Hartford may use its website to
disseminate material company information. Financial and other
important information regarding The Hartford is routinely
accessible through and posted on our website
at http://ir.thehartford.com. In addition, you may
automatically receive email alerts and other information about The
Hartford when you enroll your email address by visiting the “Email
Alerts” section at http://ir.thehartford.com.
Any discussion of coverage herein is a summary only. Coverage
depends on the actual facts of each claim and the terms, conditions
and exclusions of the issued policy. Please refer to the issued
policy to determine all terms, conditions and exclusions of
coverage. Coverage is provided by the property and casualty
companies of Hartford Financial Services Group, Inc. and may not be
available to all businesses in all states.
1 where available
2 Sarbanes Oxley Act Section 304 and Dodd Frank Act Section
954
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version on businesswire.com: http://www.businesswire.com/news/home/20150810005757/en/
Media Contact:The HartfordPamela Rekow,
860-547-8990pamela.rekow@thehartford.com
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