NEW YORK, Aug. 4, 2015 /PRNewswire/ -- Vanbridge LLC, an insurance intermediary, capital advisory and insurance and reinsurance management firm, announced today that it is rolling out new enhancements to its SiX Executive Risk Insurance Program. The program's new features include a dedicated microsite with a streamlined online application process and an enhanced policy form.
Over the last three years, the SiX Executive Risk Insurance Program (D&O, EPL, Fiduciary & Crime) has become the largest program for insuring Private Equity and Venture backed companies.
"The program's success is based on the simple belief that private equity and venture funds want to maximize the buying power across their entire portfolios without losing the longstanding relationships that the portfolio companies have with their existing retail insurance brokers" said Jonathan Legge, Managing Principal of Vanbridge. "We are excited to take the SiX program one step further and tackle two additional inefficient aspects of the typical procurement process," he continued.
Paper applications lack efficiency and are potentially unsecure; as a result, SiX launched a dedicated program microsite, www.sixpe.com , and put the application online, offering added security and a streamlined process that reduces turnaround time by days, if not weeks.
From year to year the coverage available to all businesses can change. Unfortunately, the insurance renewal process doesn't always proactively address these changes. When endorsements are simply added to the policy it can create conflicting language and, in a claim scenario, these conflicts can cause problems. In response, the SiX program is also launching a new enhanced policy form. The updated policy offers a number of key enhancements including:
- $50,000 of retroactive coverage for pre-claim defense costs.
- Definition of Loss expanded to include sub-limited coverage for civil penalties under English law, HIPPA and Pension Protection Act.
- Private Equity Sponsor expanded to include dual role as Executive and Co-Defendant.
- Obligation to cooperate is severable for the individuals.
- Added sub limits for various employment related issues, including; Employee Privacy and Workplace Violence.
- Network Security Crisis Management sub-limit.
To learn more about Vanbridge's SiX Executive Risk Insurance program, visit www.sixpe.com.
Vanbridge is an insurance intermediary, capital advisory and insurance and reinsurance management firm that provides products and services at the intersection of the (re)insurance, private equity and hedge fund industries. Examples include insurance and employee-executive benefit programs tailored to the needs of private equity funds and their portfolio companies: transaction solutions; origination and management of (re) insurance-related principal opportunities for investors; and (re) insurance-related advisory and product development services. Clients include private equity firms, hedge funds, insurers, reinsurers and banks.
SOURCE Vanbridge LLC