Insurance is hitting the market that will protect individual investors if an asset manager or investment adviser embezzles their investment funds.
Capital Shield Inc. and Capital Shield Insurance announced the launch of the cover, via a partnership with Berkley FinSecure. It carries the Capital Shield name.
“Until now, individual investors have not been able to insure their money in the event that their asset manager or investment adviser embezzles their money,” Travus Pope, co-founder of Capital Shield Inc., said in prepared remarks. “That’s why we partnered with Berkley FinSecure to create Capital Shield.”
He added that “a few of us have personally experienced embezzlement firsthand. We realized, as victims, that there remains a serious exposure that people have no way of protecting themselves from.”
Capital Shield cover is designed for people who want to protect their assets from embezzlement by their investment advisers, asset managers, fund managers or other securities industry professionals. Individual investors can purchase a Capital Shield policy to cover up to a maximum limit of $10,000,000.
Berkley FinSecure has a team of claims staff that immediately get involved if a loss is reported. In the event of a covered loss, the policy will pay at the time proof of loss is accepted and the perpetrator is indicted, eliminating the need to take on the burdensome, expensive and prolonged tasks of trying to recover funds.
Source: Capital Shield, Berkley FinSecure