A tailored product to protect Multi Family Offices from complex, high value and sensitive exposures.
A bespoke solution covering of the variable risks that Multi Family Offices (MFO’s) are exposed to. From wealth management, business succession and estate planning, financial counsel, trusteeship, lifestyle management, and everything in between. Our new solution offers client’s clarity on the scope of professional services covered, with clear, concise terminology.
Directors and officers liability
Protects the personal assets of directors and officers from claims alleging error, omission, misrepresentation, misstatement, neglect or breach of duty while serving on the board of the family office and all investment vehicles.
Outside directorship liability
Protects the personal assets of directors and officers when representing the family office on the board of a nonprofit organization or portfolio companies.
Professional Indemnity liability
Protects the multi-family office and family office professionals from liabilities arising from allegations of errors or omissions, mishandling, mismanagement.
Employment practices liability
Protects against employee-related claims for allegations of wrongful termination, discrimination or harassment.
Crime cover for dishonest acts of employees or theft by third parties
Indemnifies the fund for direct financial loss suffered by the family office or family as a result of misappropriation by employees or third parties.
Limits
Up to USD 10,000,000
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Good is a start, but we go all-out for better. A driven community of individuals relentlessly push the needle and creating value. From launching the market’s first dedicated ESG syndicate to the establishment of our business unit focusing on designing digital insurance solutions, we pride ourselves on always going above and beyond. Simply put, at Beazley we go to 11.
Acting with integrity in a straightforward, decent way is instinctive. Open and honest with others, we show respect and empathy however challenging the situation – demonstrated by our multi-award winning claims team. Doing the right thing makes for a fair-minded, rewarding environment and makes work and life better for all.
D&O – breach of fiduciary duty
In response to recent market trends, a multi-family office (MFO) made a series of investment transactions to align their portfolio with long-term financial goals. Unfortunately, due to an unexpected turn of market events, there was an overall decline of portfolio performance, causing financial loss to the family.
One of the transactions involved a company which the director of the family office had association with via a distant relative. The family alleged the director of the MFO breached his fiduciary duty by prioritizing his own agenda over their financial well-being and sought financial compensation for the losses incurred.
The director had to incur defence costs to prove he had acted in good faith, by providing evidence of documented communications between himself and the family to show his investment rationale and the family’s approval. He was finally above to prove that he had fulfilled his fiduciary duty by seeking the family’s consent and acted in line with their objectives.
