Money market mutual funds have quietly begun taking out insurance as a means of further safeguarding these conservative instruments, industry executives said.

However, fund companies are not advertising or promoting this insurance because the Securities and Exchange Commission does not want fund companies to lead customers to believe that money market funds are insured like bank accounts, which are backed up by the Federal Deposit Insurance Corporation, said Peter Crane, vice president and managing editor of iMoneyNet of Westborough, Mass.

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