Asset Management Key Facts

Ascot Apex is a range of management and professional liability insurance products written by Ascot U.S.

Client type:

• Investment Adviser Professional and Management Liability
• Investment Fund Professional and Management Liability (including Mutual Fund Service Providers)
• Assets Under Management up to $15bn Financial Institutions: Asset Management


Endorsements available:

• Fiduciary Liability
• Employment Practices Liability



• Up to $5mm in capacity on a primary or excess basis
• All policies written on ‘A’ rated paper


Coverage highlights:

Claim and Loss

• The definition of Claim includes informal investigations coverage
• Broad definition of Loss including coverage for excessive taxes and amounts deemed disgorgement that did not inure to the insured’s benefit

Defense and Settlement

• Advancement of defense costs to insured persons after 60 days when an insured Entity refuses an indemnification request
• 100% allocation to covered Defense Costs for Insured Persons
• Settlement authority without Insurer consent up to 100% of retention optional employed lawyers coverage by endorsement

Entity and Insured Persons

• Omnibus language for advisers, funds, investment holding companies, and joint ventures
• Automatic coverage for newly created funds and continuous run-off coverage for terminated and divested funds
• Broad insured persons coverage including optional employed lawyers coverage by endorsement


• “That portion of loss” lead in language to exclusions
• Built in severability of exclusions
• Defense costs carveback to the contract exclusion
• Entity vs. Insured exclusionary language

Coverage Extensions

• Coverage for crisis management expenses
• Coverage for non-party witness expenses for individual insureds
• $1 million “side-A” reinstatement of limits for individual insureds
• Reinstatement of limits for amounts recovered through subrogation

Other Features:

• Mock audit expense reimbursement offered by endorsement
• Affirmative coverage for professional liability related to the breach of the insured’s computer systems with no exclusion for cyber related events
• Notice language requires material prejudice to trigger late notice denial and accounts for sealed qui tam claims
• Attorney-client privilege carveback to the cooperation clause
• Insurer cannot cancel other than for non-payment. Unearned premium for Insured cancellation calculated on a pro-rata basis