Business and Management Indemnity Insurance Coverage Highlights
COVERAGES
Employment Practices Insurance
Directors & Officers Insurance
Fiduciary Insurance
Crime Insurance
Technology, Media and Professional Services
Miscellaneous Professional Services
LIMITS
$1mm up to $5mm
Separate aggregate limits of liability for
each coverage part.
General Terms and Conditions
Duty to defend form
World wide coverage
Coverage non cancelable by Underwriters except for non-payment of premium.
Broad definition of Insureds, including coverage for Directors and Officers, employees as well as the corporate entity and any such organization as a debtor -in-possession or a bankruptcy estate of such entity.
Severability as respects all exclusions and the application.
Spousal/domestic partner extension
Broad definition of subsidiary to include automatic coverage for newly created or acquired subsidiaries with no threshold or reporting requirements. Automatic coverage for joint ventures.
Multiple year run off and discovery period options offered at time of quote.
Bilateral discovery
No Hammer clause
Employment Practices Coverage
Broad definition of employees to include leased or contracted individuals, independent contractors and applicants for employment.
No exclusion for reduction in force or mass layoffs
No intentional acts exclusion
Third party coverage built into form and is available for an additional premium. Broad definition of third party
Broad definition of Claim
Broad definition of Loss inclusive of Prejudgment and Post judgment awards
Broad Wrongful Act definition
Defense outside the limits available for an additional AP
Loss specifically includes front pay and back pay.
BIPD exclusion modified not to apply to mental anguish or humiliation for all claims
No prior subsidiary exclusion
Favorable other insurance provision, such that policy would be primary for Employment practices Claims and excess of other insurance for Third Party Claims.
Additional limit available for non-indemnifiable acts
All entity exclusions carved back for security holder litigation
Outside directorship coverage for both for and not for profit organizations
Functional equivalent coverage for foreign entities
Broad definition of claim
Broad definition of Loss
No failure to maintain insurance exclusion
Final adjudication requirement in dishonesty exclusion and personal profit exclusion
Pollution exclusion amended to cover share holder derivative actions
Broad carve backs as respects the Insured vs. Insured exclusion, including claims brought by any former director or officer of the company solely in their capacity as a securities holder and claims brought or maintained by any bankruptcy trustee
No Retention (when EPL Coverage Section is elected)
Fiduciary Coverage
Defense costs to be in addition to limits of liability
Claim specifically includes any proceeding before the Department of Labor or the Pension Benefit Guaranty Corporation
Coverage for any type of single employer plans, including Employee Stock Ownership Plans
Defense costs coverage for 5% and 20% penalties imposed under 502(i) and 502(l) of ERISA
No discrimination exclusion
Automatic coverage for newly acquired or created plans
HIPAA Coverage
Ability to give Notice of potential claims during Discovery Period
Automatic waiver of recourse provision
Full severability of all exclusions
No retention (when EPL Coverage Section purchased)
Miscellaneous Professional Services Coverage
Broad definition of claim
Broad definition of Insureds
Automatic coverage for independent contractors
Punitive damages coverage (Most favorable venue language) where insurable
Defense covered and final judgment wording for fraud exclusion
Coverage for common ownership of less than or equal to 15%
Mergers and Acquisitions clause
Innocent Insured (severability) clause
Technology, Media and Professional Services Coverage
Broad definition of claim
Broad definition of Insureds
Automatic coverage for independent contractors
Punitive damages coverage (Most favorable venue language) where insurable
Broad coverage for personal injury
Broad coverage for intellectual property (except patent and trade secret)
Broad coverage for breach of security including; virus, unauthorized access and tampering with data
Defense covered and final judgment wording for fraud exclusion
Coverage for common ownership of less than or equal to 15%
