Liberty Specialty Markets has responded to legislative changes with new policy wordings for Australian financial services company covers. 

Portfolio manager Simon Jenvey says laws introduced in recent years have changed the obligations around financial services licences.  

“Liberty’s updated financial institutions wordings respond directly to these changes by delivering a range of affirmative cover enhancements and clearer, more practical definitions designed to reduce ambiguity,” he said. 

“Given recent product failures in the superannuation space – including flow-on investigations, remediation programs and a number of civil proceedings/class actions likely to ensue – it’s important to consider insurer coverage and ability to handle complex claims.” 

Liberty’s offer spans four suites: asset managers (equity, fixed income and related strategies); real estate investment trusts; private equity/venture capital; and financial institutions (banks, credit unions, non-bank lenders, corporate advisory). 

There are changes to professional indemnity and directors’ and officers’ sections, a new insuring clause for product remediation reimbursement loss, an extension for design and distribution obligations, a safe-harbour company costs extension, clearer clauses addressing privacy, cyber risks and PR costs, and cover for certain related-party claims.