Pembroke Syndicate 4000 has developed an endorsement for its Investment Management Insurance (IMI) policy offered by the Financial Institutions unit in London. Pembroke’s new endorsement will accompany the standard IMI policy wording to clarify and expand the scope of protection against cyber risks.
Pembroke’s IMI policy is designed to protect fund manager entities, investment funds and their directors against the risk of civil liability to third parties and also provides cover for fund manager entities and investment funds against the risk of loss due to a dishonest act committed against the fund manager entities by an employee or a third party.
The IMI endorsement affirms protection for allegations of civil liability with regard to publicity, security and privacy issues. Also, the endorsement offers coverage for reimbursement of expenses following a security breach, including the cost of notifying individuals whose private information may have been compromised.
Sukh Chana, divisional head of Financial Institutions, said the development of the IMI endorsement was driven by client concern over the expansion of data privacy obligations imposed by the new…
