This type of insurance is 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. Untrue written or oral statements made by the general partners. Breach of fiduciary duty. Incomplete disclosure of facts. Omission or misleading statements in the offering memorandum.