What Venture Capital Asset Protection Insurance Requirements Apply in Nevada?

Nevada’s adviser summary requires custody firms to maintain minimum net capital or tangible net worth and audited financials. Identify whether the adviser’s role creates custody before assessing its risk disclosures. 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.

What Is Venture Capital Asset Protection Insurance?

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 With Venture Capital Asset Protection in Nevada

Check the State Adviser Filing
Nevada’s adviser summary requires custody firms to maintain minimum net capital or tangible net worth and audited financials. Identify whether the adviser’s role creates custody before assessing its risk disclosures. 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 a Nevada adviser has custody, its financial and audit requirements are distinct from the VCAP tower; disclose custody accurately and map the fund entities. 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
Check whether the adviser’s Nevada responsibilities create custody for state filing purposes. 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

Providers With Nevada License Records

No provider in our research has both a state license record and a listing for 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.

Who Regulates Insurance in Nevada?

Nevada Division of Insurance

The Nevada Division of Insurance regulates insurers and producers and provides a license verification tool for agents, agencies and companies. Its Consumer Services unit accepts insurance complaints and questions. ^4,^5,⁶

Website: Regulator website
License lookup: Search licensed producers
Complaints: File a complaint
Phone: 888-872-3234

Surplus-Lines Tax and Stamping Office in Nevada

Reported tax rate. Same tax rate as admitted coverage of the same kind; an approved filing fee may also apply ^7,^8,^9,¹⁰

When Nevada is the insured’s home state, Nevada taxes surplus-lines coverage at the rate imposed on similar admitted coverage and adds any approved filing fee; the rate therefore depends on the line and applicable fee approval. Nevada law requires a diligent effort to place coverage with authorized insurers except where the statutory exempt-commercial-purchaser conditions apply, and the policy must warn that the Nevada Insurance Guaranty Association will not cover the contract.

Questions to Ask Before You Buy Venture Capital Asset Protection in Nevada

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

Venture Capital Asset Protection Insurance in Nevada: FAQ

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

No. The SEC describes an exemption from federal registration for advisers solely to venture-capital funds, while state adviser rules remain a separate question. Nevada’s adviser summary requires custody firms to maintain minimum net capital or tangible net worth and audited financials. Identify whether the adviser’s role creates custody before assessing its risk disclosures. Check the applicable state filing status for the adviser and its representatives. ^1,²

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

The state adviser-registration summary says: Nevada’s adviser summary requires custody firms to maintain minimum net capital or tangible net worth and audited financials. Identify whether the adviser’s role creates custody before assessing its risk disclosures. 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 Nevada include in its VCAP application?

Include the fund, GP, adviser and management company, plus partners’ portfolio-company board roles. If a Nevada adviser has custody, its financial and audit requirements are distinct from the VCAP tower; disclose custody accurately and map the fund entities. Ask the insurer to confirm which entities, services and board seats are covered in writing. ^1,³

Sources for Venture Capital Asset Protection Insurance in Nevada

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
Nevada Investment Adviser Registration Information. North American Securities Administrators Association; State investment adviser registration requirements and regulator reference. Accessed 2026-09-28.
3
Nevada Legal Materials. Legal Information Institute, Cornell Law School; Constitution and Legislation; official state statutes portal. Accessed 2026-09-28.
4
Nevada Division of Insurance. Nevada Division of Insurance; Official regulator homepage; current page describes insurance oversight and consumer services. Accessed 2026-09-28.
5
Verify a License. Nevada Division of Insurance; Official Verify a License destination (redirects to di.nv.gov licensing search); regulator materials identify agent/company license verification there. Accessed 2026-09-28.
6
File a Complaint. Nevada Division of Insurance; Official consumer complaint destination; Division Consumer Services handles insurance complaints; toll-free 888-872-3234. Accessed 2026-09-28.
7
NRS Chapter 685A, Nonadmitted Insurance. Nevada Legislature; Current codification, revised April 15, 2026; §685A.130 diligent effort/exempt purchaser provisions; §685A.155 broker fees. Accessed 2026-09-28.
8
NRS §685A.175. Nevada Legislature; Current codification says Nevada-home-state surplus-lines premium tax equals the rate on similar admitted coverage and includes fees imposed under §685A.075. Accessed 2026-09-28.
9
NRS §§685A.032, 685A.130. Nevada Legislature; Defines exempt commercial purchaser and sets placement/search provisions; assess full statutory criteria before treating a placement as exempt. Accessed 2026-09-28.
10
NRS §685A.090. Nevada Legislature; Mandated policy text says a claim under the nonadmitted contract is not covered by the Nevada Insurance Guaranty Association Act. Accessed 2026-09-28.
11
Licenses. At-Bay; Current producer introduction and state table; At-Bay Insurance Services LLC; P&C and surplus-lines identifiers. Accessed 2026-09-21.
12
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.
13
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.
14
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.
15
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.
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.