General Partners Liability

Overview
PIA's benchmark policy covers general partners in their day-to-day activities overseeing their limited partnerships and other investment and/or operating vehicles. It offers protection to general partners in lawsuits alleging a breach of duty, neglect, error, omission and/or misstatement or other Wrongful Acts. Limited partners, third parties or others can initiate these lawsuits.

Coverage can be tailored to apply to the individual general partners, the entity general partners and/or the limited partnership. Optional coverages include employment practices liability and fiduciary liability for in-house employee benefit plans.

• Full entity coverage for the insured partnership
• Worldwide coverage extended to all insureds
• No sub limit for SEC or other regulatory investigations
• Estate, representative and spousal extensions as well as blanket non-profit outside position liability automatically granted
• Broad definition of loss includes punitive damages where insurable
• Broad definition of claim includes criminal proceedings commenced by the return of an indictment or information, any written agreement, monetary demand, civil, judicial, administrative, regulatory or arbitration proceeding or any formal order of investigation and a written agreement to toll any applicable statue of limitations prior to the commencement of a proceeding
• Full severability of all exclusions and the application
• Final adjudication language for fraud exclusion
• Pollution exclusion with a Side A carve-out
• Very narrow insured v. insured exclusion, which allows coverage for: securities claims brought by 1) a security holder; 2) wrongful employment practices; 3) a claim seeking contribution or indemnity; 4) a claim brought by an insured partnership where the failure to assert such claim would result in liability upon executives of the insured partnership and 5) a claim brought by a former executive if more than 3 years have past
• No layoff, downsizing, closing or reorganization exclusion; no class action exclusion; no anti-trust exclusion, no failure to maintain insurance exclusion, no prior acts exclusion, no mandatory arbitration/mediation provision
• No "hammer clause"
• Policy is non-cancelable by the insurer except for non-payment of premium
• Bilateral discovery
• 90-day automatic coverage for new subsidiaries with total assets equaling up to 25% of the named insured's
• Claims reporting as soon as practicable, but no later than 60 days after expiration
• Automatic terrorism coverage with no additional premium in most cases

Limits of up to $15 million are available on a both a primary and excess basis. The policies are written through Houston Casualty Company, HCC Specialty Insurance Company or U.S. Specialty Insurance Company on both an admitted and surplus lines basis. All are rated A+ by A.M. Best Company and AA by Standard & Poor's.