Westfield Insurance submitted a filing in Connecticut to introduce a new liability insurance program for financial institutions. The filing covers an Investment Management Insurance Package Policy that combines professional liability, fund liability, management liability, employment practices liability, fiduciary liability, and cyber coverage into a single package.

According to the filing, the new program is being introduced as a standalone offering. Premiums will be based on factors such as assets under management, employee count, plan assets, and revenue depending on the selected coverage modules.

The filing includes underwriting and pricing guidelines for a range of financial institution risks, including investment advisers, mutual funds, private funds, broker dealers, fiduciary plans, and cyber exposures. The cyber section incorporates risk scoring tied to IT controls, governance, claims history, regulatory compliance, and the type of sensitive data handled by insureds.

Effective date is on approval.