Boston-headquartered specialty insurance broker One80 Intermediaries has launched a new liability insurance policy for chief restructuring officers.
Developed by One80’s private equity and transactional liability practice in collaboration with two carrier partners, the comprehensive product caters specifically to CROs and their teams working with troubled companies across various sectors.
The policy provides liability limits up to $30 million and includes the restructuring firm as an additional insured party.
“The role of the CRO is not without significant risk given that, by definition, the CRO is hired when a company is in distress,” stated One80 senior managing director Jonathan Legge.
“At One80, we understand the risks associated with this role and are excited to provide comprehensive coverage to address this gap in the market.”
CROs normally manage the restructuring efforts of distressed companies, allowing existing management to concentrate on regular operations.
One80’s new policy ensures that CROs and their teams are protected, particularly when they face insufficient coverage or high deductibles. Often, a troubled company’s directors and officers policy limits are depleted, leaving the CRO without coverage.
“One80 is committed to providing highly specialized insurance solutions to executives and senior leaders across all industry classes,” president Matthew F. Power noted.
“I am very proud of our private equity and transactional liability practice as they remain at the forefront of market intelligence and innovation, allowing us to provide our brokers and clients with best-in-class solutions.”
With over 40 office locations in the US and Canada, One80 offers placement services and binding authority for property & casualty, professional and personal lines, life insurance, and travel/accident and health coverages.
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