This policy provides independent fund directors with an additional level of protection when primary insurance or indemnification cannot or will not respond. Protection includes a dedicated first-dollar excess limit for non-indemnifiable claims and a difference in conditions (DIC) feature to fill certain gaps found in traditional primary D&O policies.


  • Protection when primary coverage refuses to perform in a timely manner or does not respond
  • Covers gaps resulting from exclusions commonly found in traditional primary D&O policies (DIC feature)
  • Dedicated excess limit for the directors or independent directors that is not shared with the fund
  • Ability to elect blanket coverage for all directors of the fund family or solely for the independent directors
  • Broad definitions of “claim” and “wrongful act”
  • Full severability of the exclusions and the application
  • Fully non-rescindable
  • Automatic coverage provided with respect to newly formed fund series or portfolios
  • No pollution exclusion
  • No ERISA exclusion
  • Defense costs advancement provision where not advanced by other insurance or indemnified by any fund, sponsor of any fund, or service provider to any fund
  • 60-day automatic reporting period
  • Bilateral extended discovery period, with a 12-month minimum
  • Coverage for estates, legal representatives, and spousal and domestic partner liability
  • Non-cancelable except for non-payment of premium (where allowed by law)
  • Worldwide coverage

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