Capital Shield Insurance Services have rolled out an insurance coverage that protects individuals’ investments from embezzlement.
The new insurance plan, Capital Shield, provides covers to individual investors in case their asset manager or investment advisor steals their investment funds.
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It is suitable for people who want to safeguard their assets from embezzlement by their investment advisors, asset managers, fund managers, or other securities industry professionals.
Individual investors, who will buy the Capital Shield insurance policy, can get coverage of up to a maximum limit of $10m.
Capital Shield, which is underwritten by Berkley FinSecure, will pay at the time proof of loss is accepted and the perpetrator is indicted.
The insurance plan help investors to avoid the burdensome, expensive and prolonged procedures used to recover funds.
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By GlobalDataCapital Shield co-founder Travus Pope said: “You can buy insurance for almost everything else of value in your life from houses and cars to boats and art. But until now, individual investors have not been able to insure their money in the event that their asset manager or investment advisor embezzles their money.
“That’s why we partnered with Berkley FinSecure to create Capital Shield. A few of us have personally experienced embezzlement firsthand. We realised as victims, that there remains a serious exposure that people have no way of protecting themselves from.”
Capital Shield Insurance Services, which is owned by Capital Shield, operates as an insurance wholesale distribution channel.
