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Addressing Chief Compliance Officer Liability From an Insurance Perspective


Excerpted from hedgefundlcd.com:

The  impetus  for  the product was  clients  approaching  us, either individual chief compliance officers (CCOs) or their employers, and asking us if there  was  a  solution  from  an  insurance  perspective  for  the exposure  they  saw  their  CCOs  beginning  to  face  from regulators  as  gatekeepers  and  targets  in  the  event  of  a corporate compliance failure. …

[The coverage] is  what  we  call  Excess,  Side  A DIC.  What  that  breaks  down  to  is,  it  sits  on  top  of  the  rest  of  the  directors  and  officers  liability  insurance  program,  so  it  responds  if  the rest  of  the  insurance  program  has  been  exhausted  or  does not  respond.