People Moves Politics & Regulation

Baronsmead first to offer insurance for UCITS directors

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An insurance policy designed to cover UCITS fund directors has been launched by broker and risk consultant Baronsmead.

The UCITS Fund Directors’ and Officers’ Liability Insurance Cover is believed to be the first policy of its kind that is specifically targeted at the exposures of the UCITS fund industry.

Under the terms of the UCITS directive, directors of the fund management company are responsible for supporting all the activities of the fund.

The cover protects directors against any actual or alleged breach of the eight key managerial functions: decision-making, monitoring, compliance, risk management, investment performance, capital, internal audit, financial