VC and financial institutions insurance
Financial services firms are multidimensional. Coincidentally, so are our advised insurance solutions.
Some of our clients and partners
I was going with another company for our insurance and then started the discussion with Jack. He was fantastic, made me want to work with Superscript. Such a great experience from end to end and will be recommending to all new manager friends.
Harry Stebbings, Founder, 20VC
Like humans, insurance works best with regular check-ins. A business insurance health check can make sure your cover is fit, healthy and working for you. Plus a health check will investigate how your premium compares to similar companies. You could be paying over the odds without realising. Book your complementary health check today.
Venture capital and private equity
Pension funds
Banks and other financial institutions
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Financial institution and venture capital FAQs
What limit should I buy?
Your current broker should be able to share industry benchmarking information and help you find an appropriate limit of cover. You should also speak with a compliance specialist to identify any compulsory limits you need to purchase.
You may also be contractually obliged by investors to purchase a certain limit, your broker should be able to assist you in identifying these requirements.
If you’re an Alternative Investment Fund Manager (AIFM) there are compulsory insurance requirements you need to consider. One of our team can discuss this with you to calculate the appropriate limits.
What information do I need to provide?
- Value of the companies or assets within your portfolio
- Performance information for assets including Initial Rate of Return (IRR), or similar
- Qualifications and experience of managing partners
- Structure chart (if you have more than one entity)
- Completed digital proposal form
How much will my insurance cost?
Premiums are calculated using a number of factors, meaning the cost of cover varies greatly. Our specialists should be able to give an accurate estimate of costs after a brief call or meeting.
Some areas that will affect your rate include:
- The amount of turnover you generate and where in the world you operate
- The FCA permissions you have
- Investment strategy
- Your experience
Who could potentially claim against me?
- Investors
- Directors or employees of portfolio companies
- Lenders
- Minority shareholders
- Sellers and buyers of portfolio companies
- Portfolio company creditors and liquidators
- Portfolio company customers
A portfolio company is about to IPO. Is there anything else I should consider?
Most policies will include a ‘Prospectus Liability Exclusion’, which excludes any cover that would arise out of your portfolio company undergoing an IPO. We can provide a specific Public Offering of Securities Insurance (POSI) to protect you in the event that claimants allege misinformation or misrepresentation in your prospectus, pathfinder or final admission documentation.
What cover should our portfolio companies have?
All of your portfolio companies should purchase their own directors' and officers' insurance. This will be a first line of defence for your company directors.
This reduces the risk of claims against your own directors' and officers' insurance and demonstrates effective risk management resulting in savings on your own cover. We strongly recommend that all portfolio companies purchase their own, separate professional indemnity and cyber insurance for the same reasons.
Will I be covered for the costs of regulatory investigations?
Yes, we understand that running an innovative business means clients will require a policy that is flexible enough to meet the evolving risks your business faces as you grow. As such, your policy can be adjusted where necessary during its lifetime.
Does the crime cover include protection against cybercrime?
Following a review by the regulators of insurance companies, insurers are no longer permitted to offer ‘silent’ Cyber coverage. This is where Cyber cover is included only by virtue of not being excluded. We will work with you to review your crime policy in conjunction with your cyber requirements to ensure that your needs are met conclusively by both policies.
Does crime cover include social engineering fraud?
Yes, if certain conditions are met. Your Superscript policy will make very clear what your requirements are in respect of verifying payments. If you have adhered to those standards and still suffered a loss then your crime insurance can cover your losses.
Will all my business activities be covered by civil liability insurance?
Superscript will work with you to develop broad definitions of ‘wrongful acts’ and ‘professional services’ to ensure that all of your activities are captured, including ancillary and back-office functions.
Furthermore, unambiguous mitigation coverage will allow you to correct a mistake without having to invite your customer to make a claim. This protects your reputation along with your balance sheet.
Who is covered within my company by directors' and officers' insurance?
We can ensure that the definition of an ‘insured person’ extends to all individuals who are accountable under the Senior Managers Certification Regime (SMCR).
This ensures that any senior managers who may face investigations where they are personally accountable are protected by the policy.
ESG risks for directors are becoming more prominent. In order to protect your executives, Superscript adopts a broad definition of a ‘wrongful act’, which includes actual or alleged acts relating to social or environmental responsibility, bullying, harassment or discrimination.
Authorised by the FCA
The FCA supervises UK financial services firms to protect consumers. We are directly authorised and regulated by the FCA and our Firm Reference Number is 656459. These details can be confirmed on the Financial Services Register at www.fca.org.uk or by calling the FCA on 0845 606 1234.
Protected by the FSCS
If you are a business with an annual turnover under £1m, charity with an annual income under £1m, or trust with net assets under £1m, then you will be entitled to compensation from the FSCS in the unlikely event we cannot meet our obligations. Full details and further information on the scheme are available at www.fscs.org.uk.
