General Partner Liability Insurance
Coverage designed to protect against claims of loss against a general partner, for failure to properly exercise his fiduciary duty. Also known as General Partners' Liability and Limited Partnership Reimbursement coverage. A general partner's management and fiduciary responsibilities to a limited partnership closely parallel the director's or officer's to a corporation. Exposure occurs when general partners become the financial managers of a limited partnership. The directors and officers of corporate general partners share this type of exposure.
