Property and casualty insurer Chubb has launched a new suite of insurance coverage for family offices in Canada to help them manage their liabilities exposure.
Called Family Office Amplifier, the new offering addresses professional liability, trustee liability and employment practices liability.
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The insurance coverage includes specialized terms and conditions that reflect evolving financial and regulatory environment, the insurer said.
Chubb Canada Financial Lines senior vice president Cameron Rose said: "Family office directors, officers and executives face complex liability exposures. They are charged with adhering to a high level of fiduciary care in managing their high-net-worth clients' wealth and assets. Failure to adhere to these fiduciary duties can result in costly litigation.
"Family Office Amplifier recognizes the unique needs of family offices and offers liability protection in a customizable insurance package to help protect the firm from these liabilities."
Chubb Canada personal risk services senior vice president Paul Johnstone said: "Family Office Amplifier is a testament to Chubb's broad and complementary capabilities that span its commercial and personal lines products and services. We are excited about what this new suite of coverages offers our high-net-worth clients utilizing family offices."
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