On behalf of GIFA, the GIFA NED Committee has been working to find solutions for the GIFA NED Members to enhance and improve the services offered by them to the Funds Industry in regards to two areas of particular interest – D&O and PI Insurance and Cyber Security.
D&O and PI Insurance
For years many GIFA NED Members have been grappling with a number of concerns in regard to the insurance cover provided by entities on which they act. These include, but are not limited to:
Is the policy fit for purpose?
Is there any “small print” that I should be concerned about?
Does the policy provide adequate cover?
Will the cover be readily accessible if required?
How much will I be entitled to if required?
The GIFA NED Committee has been working with Thorndon since Q4 2017 and believe that Thorndon, a Guernsey based company, can provide the independent expert advice to help NEDs answer all of the questions above, and more, when seeking to purchase D&O and PI insurance and/or in the renewal process. Thorndon has developed a Director Indemnity service to provide independent advice that aims to help NEDS to better understand and protect their position as well as to support NEDs through any trigger event and claims recovery.
Many, if not most, GIFA NED Members work out of home offices and are often in receipt of sensitive company information and communications. The GIFA NED Committee has been working with Alternative Solutions, a Guernsey based company, to provide not only a more secure operational environment but also operational support. The service offering that the GIFA NED Committee has negotiated with Alternative Solutions will provide individual NEDs an operational infrastructure akin to being part of a corporation.
Jonathan Bates and Colin Wannell of Thorndon and Neil Jordan of Alternative Solutions will be presenting the services to be offered on Tuesday 24th July 2018 at 12.30pm at St James, Dorey Room. The GIFA NED Committee would encourage all GIFA NED Members to attend if possible as the solutions being presented we believe will be of great interest.