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General Partnership Liability (GPL)

A general partner’s management and fiduciary responsibilities to a limited partnership closely parallel those of the director or officer of 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. Some causes of claims are as follows:

  • 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
  • Selling of unregistered limited partnership interests
  • Conflicts of interests
  • Failure to devote adequate time to the partnership
  • Appointment of drilling contracts without proper prior investigation as to their experience
  • Failure to minimize risk factors that prove detrimental

A General Partnership Liability policy protects general partners of limited partnerships against lawsuits for alleged mismanagement. Misleading statements or omissions to limited partners or third party creditors are a major source of claims against general partners.

The Cayemitte Group has in-depth experience in the General Partnership Liability arena and places coverage for the following types of entities:

  • Limited Partnerships
  • General Partnerships
  • Joint Ventures
  • Corporate D&O/Partnership D&O (combination)
  • Trusts
  • Limited Liability Companies (LLC’s)
  • Limited Liability Partnerships (LLP’s)

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Services

As a minority-owned and certified full-service insurance brokerage and surety bonding firm, The Cayemitte Group is proud to partner with each of its clients to assist in managing corporate risks and position firms for opportunity and growth. TCG’s multidisciplinary approach offers a wide range of strategic, advisory risk management and consulting services, including capital management support. Our unique area of specialty is the development and support of small, veteran, minority and women-owned business enterprises (MWVBEs) via financial and operational capacity-building and education programs to help access capital and open doors to opportunity.

We welcome you to explore how we can be of service to you.

Responding to the Paradox
with a
Pioneering Solution

Building and Sustaining
Subcontractor Capacity
for the Future