The policy has been developed by One80’s private equity and transactional liability practice in partnership with two carrier partners. The product caters especially to CROs and their teams working with troubled companies in various industries.
The policy allows for liability limits of up to $30 million and includes the firm being restructured as an additional insured party.
Jonathan Legge, Senior Managing Director at One80, commented: “The role of the CRO is not without significant risk given that, by definition, the CRO is hired when a company is in distress. At One80, we understand the risks associated with this role and are excited to provide comprehensive coverage to address this gap in the market.”
CROs tend to oversee the restructuring efforts of distressed companies, allowing existing management to concentrate on regular operations while the firm undergoes macro structured changes.
The new policy ensures that CROs and their teams are covered, especially when facing insufficient coverage or high deductibles. It is often the case that a troubled company’s directors and officers policy limits are depleted by virtue of the economic state of said company. This can leave the CRO without coverage.
Matthew F. Power, President, said: “One80 is committed to providing highly specialised insurance solutions to executives and senior leaders across all industry classes. I am very proud of our private equity and transactional liability practice as they remain at the forefront of market intelligence and innovation, allowing us to provide our brokers and clients with best-in-class solutions.”
