Pierce Leonard
@PierceLeonard
SVP, Client | TigerMark D&O Specialist | Crowdfunding Insurance
|Equal Parts
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Biography
Pierce Leonard is SVP at Equal Parts, where he specializes in placing TigerMark D&O insurance for companies raising capital through Reg CF, Reg A, and Reg D-506(c) offerings. We include other raise under our policy, too. However, to qualify, a company must be planning to use, using, or have used Rregulated Investment Crowdfunding vehicles to raise capital.
TigerMark is a D&O policy built specifically for crowdfunding and alternative capital raises. It is not a traditional D&O policy retrofitted for startups. It was designed from the ground up to protect issuers, their directors, officers, and employees against the claims that actually come out of capital raises. That includes investor claims for misrepresentation, misuse or mismanagement of funds, and theft of funds.
What makes TigerMark different from traditional D&O is that it was built for the way modern companies raise money. The premium scales with the amount you raise. It supports rolling closes of capital and multiple raises within a 24 month period. Pricing is guaranteed before you raise so there are no surprises. Companies that carry TigerMark coverage are eligible to display the TigerMark seal, which signals to potential investors that their capital is backed by real insurance protection.
TigerMark comes in two forms. TigerMark Core D&O covers investor claims for Reg CF, Reg A, and Reg D-506(c) offerings. TigerMark Complete adds Traditional Private Company Directors & Officers Liability coverage for employee claims, regulatory actions, client claims, and competitor claims on top of the investor protection. Both include defense costs, worldwide coverage for wrongful acts, and platform co-defendant protection in case a claim names both the issuer and the funding platform (partner benefit).
Pierce works directly with A rated carriers, Great American and RELM Insurance LTD, as the program administrator behind TigerMark, and has the licensing to place this coverage nationwide (including Puerto Rico and Canada). He helps founders and executive teams understand what their exposure looks like before, during, and after a raise, and makes sure they have coverage that actually fits their situation.
If you are raising capital or advising companies that are, Pierce can walk you through exactly how TigerMark works and what it costs. Reach out anytime.
Additionally, Pierce and Equal Parts provide all commercial types of insurance including but not limited to, Product Liability, General Liability, Property Insurance, Workers Comp, Cyber Liability (AI coverage is NEW), Errors & Omissions/Professional Liability, Crime Insurance, along with many others. Equal Parts also offers Health & Benefits, Personal Home & Auto as well.
Pierce Leonard | SVP, Client
Direct: 704-751-9586 704-751-9586
Cell/text: 704-661-8919
get.equalparts.ai
Bottom line: D&O for capital raises already exists. TigerMark is right-sized coverage at the right price for crowdfunding issuers.
Anytime a company raises outside capital and offers a security, the board or investors typically require D&O insurance. This isn't new. VC-backed, PE-backed, and institutionally funded companies have carried D&O coverage for decades. It's table stakes for professional capital formation.
The difference with crowdfunding is who you're raising from and how you're reaching them. Standard D&O policies were written for companies raising from accredited, institutional investors through private networks. Those policies often exclude claims arising from public offerings or general solicitation, which is exactly what Reg CF, Reg A+, and Reg D 506(c) involve.
That leaves crowdfunding issuers with two bad options: buy standard private company D&O that doesn't actually cover their real exposure, or overpay for full public company D&O designed for NASDAQ-listed companies.
That's why we built TigerMark. It's purpose-built for JOBS Act capital raises and covers what standard policies don't:
Claims from unaccredited investors in Reg CF and Reg A+ offerings
General solicitation exposure in Reg D 506(c) raises (where you're publicly advertising to accredited investors)
Specific compliance coverages for securities offerings not available elsewhere
Defense costs when an investor sues (securities litigation runs $250K-$500K+ before trial)
The ability to return investor principal if they allege wrongdoing
TigerMark also covers past or future Reg D 506(b) raises for traditional D&O risks, so your full capital-raising history is protected under one policy.
Beyond the coverage itself, TigerMark lets you showcase to your investors that your offering and company are safeguarded. You can display the TigerMark logo, share your policy summary, and demonstrate that you've taken the same governance steps that institutional-grade companies take.
Short answer: It's never too late, as long as no claim has already been filed.
D&O policies are claims-made, meaning they respond to claims made during the policy period regardless of when the underlying decision happened. TigerMark can backdate the retroactive date to match your offering date (your Form D, 1-A, or 1-C filing), so even if you bind coverage mid-raise or after closing, you're protected for decisions made since day one.
The only scenario that creates a true gap: waiting until after a claim is already filed or circumstances have been formally reported. At that point, that specific claim is uninsurable.
Best practice: Bind before or at launch. But if that window passed, bind now. The protection still applies retroactively to the start of your offering.
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