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Venture Capital Asset Protection Insurance in Indiana

Indiana’s adviser summary says a firm with a business location in the state must register; the out-of-state five-client de minimis route is unavailable to an in-state office. The adviser’s footprint therefore matters. The SEC exemption from federal registration is not a blanket state exemption, so confirm the adviser’s state filing position and list the correct entities for insurance. 2,1

What Is Venture Capital Asset Protection?

Venture capital asset protection can combine management and professional liability for a venture or private-equity fund and its managers. The label is not a standard coverage package, so check which funds, partners, board roles and claims the quote includes. Read the national Venture capital asset protection guide.

What to Watch for in Indiana

  • Check the State Adviser Filing

    Indiana’s adviser summary says a firm with a business location in the state must register; the out-of-state five-client de minimis route is unavailable to an in-state office. The adviser’s footprint therefore matters. Confirm the regulator-facing status of the adviser entity; do not assume SEC exempt-reporting treatment settles it. 2,1

  • Map Each Fund and Manager Entity

    If the adviser has an Indiana business location, do not rely on the five-client out-of-state threshold; confirm registration and disclose the correct operating entity. Give the broker the fund, GP, adviser and management-company chart, then ask how the policy coordinates with each entity’s indemnification obligations under its governing documents and organizing law. 3,1

  • Match the Policy to Fund Work

    An Indiana office changes the relevance of the out-of-state de minimis route. Ask for a written schedule of funds, management entities, partner board seats and covered professional services; the product label does not establish those terms. 1,2

Who Regulates Insurance in Indiana

Indiana Department of Insurance

The Indiana Department of Insurance licenses and regulates insurance companies and producers, reviews rates and policies, and investigates consumer complaints. Its Consumer Services Division accepts complaints and the Department provides company and license searches. 4,5,6

Surplus-lines tax and stamping office

Reported tax rate: 2.5% of gross premium when Indiana is the home state Indiana’s surplus-lines premium tax is 2.5% when Indiana is the insured’s home state. Surplus-lines policies are outside Indiana guaranty-fund protection; before you buy, confirm the insurer’s identity and financial strength with your broker. 7,8,9,10

Providers With Documented State Licenses

No provider in Spot’s research documents both a state license record and this coverage line. This does not establish that providers are unlicensed. Check the regulator’s license lookup and confirm availability with a provider when requesting a quote.

Questions to Ask Before You Buy in Indiana

  1. Does our Indiana office make the adviser ineligible for the out-of-state client threshold?
  2. Which Indiana-based advisory entity is listed on the proposed policy?
  3. Are claims involving a partner’s portfolio-company board work covered separately from the fund?

Venture Capital Asset Protection in Indiana: FAQ

Is the federal venture capital adviser exemption enough for state registration in Indiana? 1,2

No. The SEC describes an exemption from federal registration for advisers solely to venture-capital funds, while state adviser rules remain a separate question. Indiana’s adviser summary says a firm with a business location in the state must register; the out-of-state five-client de minimis route is unavailable to an in-state office. The adviser’s footprint therefore matters. Check the applicable state filing status for the adviser and its representatives. 1,2

What Indiana adviser rule should a VC fund check before buying VCAP? 2,1

The state adviser-registration summary says: Indiana’s adviser summary says a firm with a business location in the state must register; the out-of-state five-client de minimis route is unavailable to an in-state office. The adviser’s footprint therefore matters. Separate this filing or financial-responsibility rule from liability coverage, then ask the broker whether the policy covers the adviser, GP, management company and funds. 2,1

Which entities should a venture fund in Indiana include in its VCAP application? 1,3

Include the fund, GP, adviser and management company, plus partners’ portfolio-company board roles. If the adviser has an Indiana business location, do not rely on the five-client out-of-state threshold; confirm registration and disclose the correct operating entity. Ask the insurer to confirm which entities, services and board seats are covered in writing. 1,3

Venture Capital Asset Protection in Other States

Other Coverage in Indiana

Sources

  1. Private Fund Adviser Overview. U.S. Securities and Exchange Commission; Federal exemptions for advisers solely to venture capital funds; state registration may also apply. Accessed 2026-09-28.
  2. Indiana Investment Adviser Registration Information. North American Securities Administrators Association; State investment adviser registration requirements and regulator reference. Accessed 2026-09-28.
  3. Indiana Department of Insurance. Indiana Department of Insurance; Official regulator homepage and insurance oversight. Accessed 2026-09-28.
  4. Company/Entity Financial Compliance. Indiana Department of Insurance; Official Company Lookup queries live department data on licensed entities; producer resources linked separately. Accessed 2026-09-28.
  5. Submit a Complaint Online. Indiana Department of Insurance; Online complaint portal and published consumer phone. Accessed 2026-09-28.
  6. Indiana Code § 27-1-15.8-4: Tax on surplus lines insurance. Indiana General Assembly; 2.5% tax and insured home-state application. Accessed 2026-09-28.
  7. Surplus Lines Agent Licensing. Indiana Department of Insurance; Official IDOI surplus-lines agent and company guidance; identifies surplus-lines insurers as companies not licensed to transact admitted insurance in Indiana and statutory eligibility conditions. Accessed 2026-09-28.
  8. Guaranty Associations & Funds. National Association of Insurance Commissioners; Overview of state guaranty-association scope and nonadmitted insurers. Accessed 2026-09-28.
  9. Guaranty Funds. Indiana Department of Insurance; Department description of Indiana P&C and life/health guaranty funds and their limits; together with the Department's surplus-lines company page distinguishing these nonauthorized companies from licensed insurers. Accessed 2026-09-28.
  10. Licenses. At-Bay; Current producer introduction and state table; At-Bay Insurance Services LLC; P&C and surplus-lines identifiers. Accessed 2026-09-21.
  11. Licenses and Carriers. Coalition; Licenses and Carriers, re-read 22 September 2026: Insurance Licenses table for Coalition Insurance Solutions, Inc., national producer number 18419475, with producer and surplus-lines numbers for all 50 states and DC including California 0L76155, Georgia 196479, Texas 2199630 and 2205589, Pennsylvania 815731 and 817452, Colorado 539028 and Wisconsin 3000108852. Insurance Carriers table naming, with NAIC numbers, Allianz Underwriters Insurance Company 36420, Arch Specialty Insurance Company 21199, Ascot Specialty Insurance Company 45055, Ascot Insurance Company 23752, Aspen Specialty Insurance Company 10717, Chaucer Insurance Company DAC, Coalition Insurance Company 29530, Fireman's Fund Indemnity Corporation 11380, Fortegra Specialty Insurance Company 16823, Lloyd's of London, MSIG Specialty Insurance USA Inc. 34886, MS Transverse Specialty Insurance Company 41807, Steadfast Insurance Company 26387, Vantage Risk Specialty Insurance Company 16275 and Zurich American Insurance Company 16535. Accessed 2026-09-22.
  12. Insurance Producer Licenses. Corgi Insurance; Current complete Insurance Producer Licenses table for Corgi Insurance Services, Inc.; 50 rows covering 49 states and DC (DC 3003091619); no New Mexico row; no NPN or as-of date shown. Accessed 2026-09-28.
  13. About Hiscox US Insurance. Hiscox; Hiscox Insurance Company Inc. NAIC 10200 as Chicago, IL domiciled insurer admitted or licensed in all 50 states and D.C.; Hiscox Inc. as general agent and Lloyd’s coverholder for Syndicates 33 and 3624; surplus-lines placements through licensed surplus-lines brokers; A.M. Best rating statement. Accessed 2026-09-16.
  14. Licenses. ERGO NEXT Insurance; Current entity-by-state license table reopened 28 September 2026: 50 rows under Next First Insurance Agency, Inc., including Washington, DC; New York rows instead list Next Insurance Services PC-1423070 and AP Intego BR-1198885. Accessed 2026-09-28.
  15. About Risklytics. Risklytics; What we do; Who we insure; Licensing; Agency licenses table dated 2026-09-10. Accessed 2026-09-16.
  16. Insurance Licenses by State. TechInsurance; Current state table; identifies TechInsurance as a division of Specialty Program Group LLC d/b/a SPG Insurance Solutions; lists DC 3000041536 and labels Rhode Island “Individual licenses,” without an agency license number. Accessed 2026-09-28.
  17. Licenses. Vouch; Effective 16 January 2025: Vouch Specialty Insurance Services, LLC, NPN 19926463; P&C table (50 states and DC); surplus-lines table includes Idaho 870820; footnote says Georgia and Idaho do not issue agency-level surplus-lines licenses; Idaho retained as producer-only due to conflict. Accessed 2026-09-15.

Updated .

This guide is informational and does not determine whether a policy is available or meets your needs. Editorial policy. To suggest a correction, contact Spot with a supporting source.

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