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The Office Package Policy, provides coverage for a variety of exposures. The Property section insures those items either owned or leased by your firm such as furniture, fixtures, computer hardware/software/peripherals, communication systems, etc.  It also includes coverage for the improvements and betterments that you may make to your office space.

The policy also provides coverage for Business Interruption and Extra Expense.  Business Interruption insures against loss of income as a result of not being able to use property damaged by a covered cause of loss during the time it takes to repair or replace it.  The counterpart to this coverage is Extra Expense, which provides coverage for those costs over and above normal expenses to continue your business operations in the event of a covered loss.

The General Liability section provides coverage for third party incidents such as bodily injury (trip/fall) and property damage (water damage to premises below) that happen to others.  Another coverage included in the General Liability section is Employee Benefits Liability.  This coverage would protect the firm in the event of an Error or Omission in the administration of your employee benefits plan.  Some examples would be failure to include an eligible employee into the plans, failure to notify employees of changes to the plans, failure to file changes to the plans as requested by the employee (beneficiary, address, etc.).

Non-Owned & Hired Car Liability coverage is also provided, which insures third party bodily injury and property damage.  The most common exposure is claims resulting from rental vehicles.  Damage to the actual rented vehicle is not covered.

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Management Liability

(a) Directors & Officers Liability Coverage

(b) General Partnership Liability

(c) Employment Practices Liability

(d) Outside Directorship Liability

Errors & Omissions

(a) Investment Advisor Errors and Omissions

(b) Investment Fund Professional Liability

A well designed and customized Management and Professional Liability Insurance Program protects the associated Investment Advisory/Management entities and Private Investment Funds as well as the the respective corporate executives themselves against any actual or alleged errors, omissions, mis-statement, mis-management, breach of investment objective and breach of fiduciary. The coverage also provides defense and legal fee coverage for any formal investigative orders brought by a regulatory or governmental agency into the potential violations of law.

Both defense and legal fees associated with the litigation and any subsequent indemnity due to third-parties as a result of such alleged mis-management, errors or omissions will be provided on an as incurred basis (in excess of the self-insured retention).

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Fidelity Crime Bond

The basic fidelity bond covers loss of money, securities or other property owned by the insured, held by the insured, or for which the insured is legally liable, when such loss is due to the dishonesty of the insured’s employees.

The Bond is a first party contract, which in the case of a covered loss would make the Insured whole, subject to the deductible.  The bond includes coverage for Employee Dishonesty, Premise Losses, Transit Losses, Forgery Losses and Computer Fraud for covered property.

Other types of Fidelity Bonds:

  • Securities Dealer’s Blanket Bonds
  • Registered Management Investment Company Bonds
  • ERISA Fidelity Bonds

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EPLI covers businesses against claims by workers that their legal rights as employees of the company have been violated.

EPLI provides protection against many kinds of employee lawsuits, including claims of:

  • Sexual harassment
  • Discrimination
  • Wrongful termination
  • Breach of employment contract
  • Negligent evaluation
  • Failure to employ or promote
  • Wrongful discipline
  • Deprivation of career opportunity
  • Wrongful infliction of emotional distress
  • Mismanagement of employee benefit plans

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Under ERISA, fiduciaries are personally liable for losses to benefit plans incurred as a result of their alleged breach of duties.

Trustees of employee benefit plans are expected to act in the best interests of the plan participants. If this duty is compromised, either intentionally or unintentionally, trustees can be held personally liable. In today’s litigious society, people who perceive they have been wronged react with lawsuits that can cost millions of dollars to defend and settle. This makes fiduciaries potential lightning rods of liability, particularly in light of the amount of money held in retirement plans today, and the valuable protection those plans afford to their participants.

The large majority of fiduciary claims are brought by past or present employees or their families. However, claims may also be brought by another fiduciary or by the Department of Labor (DOL), which enforces the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). When the DOL brings an action, fiduciaries can face civil penalties, as well.

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Firms often assume that any privacy/security breach would be covered by its standard insurance (i.e. Errors and Omissions, Fidelity Crime Bond, etc.). While some protection may be afforded in certain circumstances, two key factors should be kept in mind. Traditional E&O policies will not cover “first party losses” such as notification/credit monitoring expenses, public relations expenses, crisis management, business interruption, forensic investigation costs, data restoration expenses and costs associated with extortion demands. And while Fidelity Crime Bonds do provide protection for 1st Party losses, it’s typically only in the event of the loss of covered property, money, securities, certificates of deposit, etc. and excludes the loss of confidential information, material or data. Both of these forms of insurance protection also will not typically defend state or federal regulatory actions, including payment of any civil fines or penalties that might be levied for a violation of a privacy law and/or failure to notify.

Cyber Security insurance coverage fills in the gaps in both traditional first-party and third-party liability policies by protecting a company from losses associated with unauthorized access to or theft of data or e-business activities, computer viruses, denial of service attacks, as well as alleged unauthorized e-commerce transactions.

Click Here for our Cyber & Privacy Coverage Overview 6.28.11

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Iron Cove’s Employee Benefit Team can you assist you with the following benefit plans:

  • Medical
  • Dental
  • Life/AD&D
  • Vision
  • Long & Short Term Disability
  • Voluntary Benefits
  • International Benefits
  • Deferred Compensation/401(k)
  • Flexible Spending Accounts

Click here for our Employee Benefits Overview

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Our Executive Benefit team has assisted some of the world’s wealthiest families and leading corporate executives with addressing:

  • Long and Short-term Disability needs;
  • Key-Person Life Insurance;
  • Long-Term Care needs;
  • Life Insurance Planning; &
  • Deferred Compensation Plans

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Personal Insurance

Click here for our Private Client Group Overview

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