Even the smallest mistake, or perceived mistake, by general partners can outweigh an otherwise excellent job in the minds of limited partners. Misleading statements or omissions to limited partners or third-party creditors are a major source of claims against general partners and can devastate a business.
Partnership PrivateEdge® includes directors and officers and employment practices liability insurance and helps protect general partners of limited partnerships from lawsuits alleging mismanagement brought against them by limited partners, third-party creditors, government agencies and employees. Partnership PrivateEdge® provides coverage for wrongful acts that affect the limited partnership, such as mismanagement, negligence, waste of partnership assets, violation of securities laws and employment practices claims.