Together with a pool of proven experts, the SAAM has defined minimum standards for targeted and appropriate insurance coverage against the industry-specific risks faced by independent asset managers (IAMs). These quality standards will be reviewed and updated on a periodic basis, thus ensuring that all insured persons are protected by liability insurance coverage that meets the latest norms and standards.
The minimum standards apply to insurance products, underwriting, distribution and claims processing. At the same time, the cooperation partners have compiled an application form geared specifically to the needs of IAMs.
The Insurers agreed to grant the minimum standards if the SAAM member or their representative uses the SAAM questionnaire (initial application or renewal) for a combined professional indemnity, directors’ and officers’ liability and fidelity guarantee insurance policy in its current version, or at least provides the Insurer with information in the same scope and detail for risk assessment purposes. The SAAM member or their representative must draw the Insurer’s attention to the SAAM membership.
The insurer always has the right to deviate from the terms and conditions accepted by SAAM following a thorough risk review. However, these restrictive deviations must be disclosed to the SAAM member. Additions may be made at any time. The duty of notification shall not apply if the SAAM member concerned has assets under management exceeding CHF 500,000,000 (five hundred million Swiss francs) at the time the application form is signed.
The "Minimum standards" document can be found in the Member Area of this website.