---
title: "Venture Capital Asset Protection Insurance in Maryland"
description: "Check how Maryland adviser rules and fund entity structure affect a venture capital manager’s insurance review."
canonical: "https://spot.insure/coverage/venture-capital-asset-protection/maryland"
page-type: "coverage-state-guide"
updated-at: "2026-09-28"
---

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# Venture Capital Asset Protection Insurance in Maryland

Maryland securities oversight is separate from SEC reporting. Confirm the adviser’s Maryland registration or exemption and identify the entity carrying out investment-advisory work. 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]

**Coverage:** [Venture capital asset protection](/coverage/venture-capital-asset-protection) · [Maryland](/coverage/states/maryland)

## 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](/coverage/venture-capital-asset-protection).

## What to Watch for in Maryland

### Check the State Adviser Filing

Maryland securities oversight is separate from SEC reporting. Confirm the adviser’s Maryland registration or exemption and identify the entity carrying out investment-advisory work. 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

For Maryland activity, match the state adviser record to the named insured schedule; a fund entity and its investment adviser may be different legal persons. 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

Match Maryland advisory activity to the legal entity shown on the policy schedule. 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 Maryland

**Maryland Insurance Administration.** The Maryland Insurance Administration licenses producers and insurers, reviews rates and forms, and investigates complaints about insurance companies and producers. You can use its state lookup or complaint service to check a license or raise an insurance issue.[^4][^5][^6]

- [Regulator website](https://insurance.maryland.gov/)
- [License lookup](https://www.apps.insurance.maryland.gov/CompanyProducerInfo/)
- [File a complaint](https://insurance.maryland.gov/consumer/pages/fileacomplaint.aspx)
- Phone: 800-492-6116

### Surplus-Lines Tax and Stamping Office

**Reported tax rate:** 3% of gross premiums less returned premiums when Maryland is the insured's home state; excludes risks of Maryland and its political subdivisions When Maryland is the insured's home state, the tax is 3% of gross premiums less returned premiums, except insurance of risks of the State or a political subdivision. For policies effective on or after July 21, 2011, Maryland taxes the entire premium and the broker must charge the tax in addition to premium. Maryland's property and casualty guaranty corporation excludes surplus-lines policies.[^7][^8]

## 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](https://www.apps.insurance.maryland.gov/CompanyProducerInfo/) and confirm availability with a provider when requesting a quote.

## Questions to Ask Before You Buy in Maryland

1. Which adviser, management company, general partner and funds does this proposal insure by name?
2. Does the policy include outside-director protection for partners serving on portfolio-company boards?
3. Are limited-partner allegations about fund disclosures or governance within the covered professional services?

## Venture Capital Asset Protection in Maryland: FAQ

### Is the federal venture capital adviser exemption enough for state registration in Maryland?

No. The SEC describes an exemption from federal registration for advisers solely to venture-capital funds, while state adviser rules remain a separate question. Maryland securities oversight is separate from SEC reporting. Confirm the adviser’s Maryland registration or exemption and identify the entity carrying out investment-advisory work. Check the applicable state filing status for the adviser and its representatives.[^1][^2]

### What Maryland adviser rule should a VC fund check before buying VCAP?

The state adviser-registration summary says: Maryland securities oversight is separate from SEC reporting. Confirm the adviser’s Maryland registration or exemption and identify the entity carrying out investment-advisory work. 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 Maryland include in its VCAP application?

Include the fund, GP, adviser and management company, plus partners’ portfolio-company board roles. For Maryland activity, match the state adviser record to the named insured schedule; a fund entity and its investment adviser may be different legal persons. Ask the insurer to confirm which entities, services and board seats are covered in writing.[^1][^3]

## Venture Capital Asset Protection in Other States

- [Alabama](/coverage/venture-capital-asset-protection/alabama)
- [Alaska](/coverage/venture-capital-asset-protection/alaska)
- [Arizona](/coverage/venture-capital-asset-protection/arizona)
- [Arkansas](/coverage/venture-capital-asset-protection/arkansas)
- [California](/coverage/venture-capital-asset-protection/california)
- [Colorado](/coverage/venture-capital-asset-protection/colorado)
- [Connecticut](/coverage/venture-capital-asset-protection/connecticut)
- [Delaware](/coverage/venture-capital-asset-protection/delaware)
- [District of Columbia](/coverage/venture-capital-asset-protection/district-of-columbia)
- [Florida](/coverage/venture-capital-asset-protection/florida)
- [Georgia](/coverage/venture-capital-asset-protection/georgia)
- [Hawaii](/coverage/venture-capital-asset-protection/hawaii)
- [Idaho](/coverage/venture-capital-asset-protection/idaho)
- [Illinois](/coverage/venture-capital-asset-protection/illinois)
- [Indiana](/coverage/venture-capital-asset-protection/indiana)
- [Iowa](/coverage/venture-capital-asset-protection/iowa)
- [Kansas](/coverage/venture-capital-asset-protection/kansas)
- [Kentucky](/coverage/venture-capital-asset-protection/kentucky)
- [Louisiana](/coverage/venture-capital-asset-protection/louisiana)
- [Maine](/coverage/venture-capital-asset-protection/maine)
- [Massachusetts](/coverage/venture-capital-asset-protection/massachusetts)
- [Michigan](/coverage/venture-capital-asset-protection/michigan)
- [Minnesota](/coverage/venture-capital-asset-protection/minnesota)
- [Mississippi](/coverage/venture-capital-asset-protection/mississippi)
- [Missouri](/coverage/venture-capital-asset-protection/missouri)
- [Montana](/coverage/venture-capital-asset-protection/montana)
- [Nebraska](/coverage/venture-capital-asset-protection/nebraska)
- [Nevada](/coverage/venture-capital-asset-protection/nevada)
- [New Hampshire](/coverage/venture-capital-asset-protection/new-hampshire)
- [New Jersey](/coverage/venture-capital-asset-protection/new-jersey)
- [New Mexico](/coverage/venture-capital-asset-protection/new-mexico)
- [New York](/coverage/venture-capital-asset-protection/new-york)
- [North Carolina](/coverage/venture-capital-asset-protection/north-carolina)
- [North Dakota](/coverage/venture-capital-asset-protection/north-dakota)
- [Ohio](/coverage/venture-capital-asset-protection/ohio)
- [Oklahoma](/coverage/venture-capital-asset-protection/oklahoma)
- [Oregon](/coverage/venture-capital-asset-protection/oregon)
- [Pennsylvania](/coverage/venture-capital-asset-protection/pennsylvania)
- [Rhode Island](/coverage/venture-capital-asset-protection/rhode-island)
- [South Carolina](/coverage/venture-capital-asset-protection/south-carolina)
- [South Dakota](/coverage/venture-capital-asset-protection/south-dakota)
- [Tennessee](/coverage/venture-capital-asset-protection/tennessee)
- [Texas](/coverage/venture-capital-asset-protection/texas)
- [Utah](/coverage/venture-capital-asset-protection/utah)
- [Vermont](/coverage/venture-capital-asset-protection/vermont)
- [Virginia](/coverage/venture-capital-asset-protection/virginia)
- [Washington](/coverage/venture-capital-asset-protection/washington)
- [West Virginia](/coverage/venture-capital-asset-protection/west-virginia)
- [Wisconsin](/coverage/venture-capital-asset-protection/wisconsin)
- [Wyoming](/coverage/venture-capital-asset-protection/wyoming)

[Other Coverage in Maryland](/coverage/states/maryland)

## Sources

[^1]: [Private Fund Adviser Overview](https://www.sec.gov/about/divisions-offices/division-investment-management/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]: [Maryland Investment Adviser Registration Information](https://www.nasaa.org/industry-resources/investment-advisers/state-investment-adviser-registration-information/maryland/) — North American Securities Administrators Association; State investment adviser registration requirements and regulator reference. Accessed 2026-09-28.
[^3]: [Maryland Legal Materials](https://www.law.cornell.edu/states/maryland) — Legal Information Institute, Cornell Law School; Constitution and Legislation; official state statutes portal. Accessed 2026-09-28.
[^4]: [Maryland Insurance Administration](https://insurance.maryland.gov/) — Maryland Insurance Administration; Homepage and consumer contact. Accessed 2026-09-28.
[^5]: [Insurance License Lookup](https://www.apps.insurance.maryland.gov/CompanyProducerInfo/) — Maryland Insurance Administration; State-designated producer/company search. Accessed 2026-09-28.
[^6]: [File an Insurance Complaint](https://insurance.maryland.gov/consumer/pages/fileacomplaint.aspx) — Maryland Insurance Administration; State complaint process and contact. Accessed 2026-09-28.
[^7]: [Md. Code, Insurance §3-324](https://mgaleg.maryland.gov/2026RS/Statute_Web/gin/3-324.pdf) — Maryland General Assembly; Insurance §3-324(a)-(b), (d)-(f): government-risk exclusion; 3% of gross premiums less returns; entire-premium home-state basis from July 21, 2011, with tax charged in addition. Accessed 2026-09-28.
[^8]: [Maryland Insurance Article (2026)](https://mgaleg.maryland.gov/2026RS/Statute_Web/gin/gin.pdf) — Maryland General Assembly; Insurance §9-303(5), (7): surplus-lines and unauthorized insurers excluded from property and casualty guaranty subtitle; 2026 Insurance Article PDF. Accessed 2026-09-28.
[^9]: [Licenses](https://www.at-bay.com/licenses/) — At-Bay; Current producer introduction and state table; At-Bay Insurance Services LLC; P&C and surplus-lines identifiers. Accessed 2026-09-21.
[^10]: [Licenses and Carriers](https://www.coalitioninc.com/legal/licenses) — 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.
[^11]: [Insurance Producer Licenses](https://www.corgi.insure/broker-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.
[^12]: [About Hiscox US Insurance](https://www.hiscox.com/about-hiscox-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.
[^13]: [Licenses](https://www.nextinsurance.com/insurance-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.
[^14]: [Insurance Licenses by State](https://www.techinsurance.com/legal/licenses) — 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.
[^15]: [Licenses](https://www.vouch.us/legal/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 2026-09-28.

This guide is informational and does not determine whether a policy is available or meets your needs. [Editorial policy](/editorial-policy). To suggest a correction, [contact Spot](/contact) with a supporting source.

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