PRIVATE COMPANY MANAGEMENT LIABILITY PACKAGE

Claims against the directors and officers of privately held companies come from all sides - shareholders, vendors, customers, and employees. Directors and officers are also exposed to fiduciary claims through benefits management, and dishonesty claims of employee theft. These lawsuits place enormous strain on day-to-day business and put executives' personal assets at risk.

Coverages Available:

Directors & Officers Liability
Employment Practices Liability
Fiduciary Liability

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Product Advantages:

• Separate limits of liability for directors and officers, employment practices liability and fiduciary liability coverage sections
• Any combination of the three different coverage parts may be purchased
• Most favorable wording for punitive, multiple and exemplary damages
• Spousal and domestic partner liability coverage
• Final adjudication wording for fraud and personal profit exclusions
• Limit options starting at $500,000
• Defense and settlement provision ("hammer clause") softened to cover 75% of defense costs and losses after insured's final refusal to consent to settle a claim
• Full severability for individual insureds

Directors & Officers Liability Advantages:

• Matching defense costs in addition to the limit up to $1,000,000
• Lifetime occurrence reporting provision for former directors and officers
• Automatic coverage extension for outside directorship activities
• Order of payments on behalf of individual insureds then the insured organization
• Broad definition of claim, including monetary, non-monetary and injunctive relief
• Broad definition of employee, including independent contractors, volunteers and interns
• No-rescindable Side A coverage available by Endorsement
• Coverage for claims from former directors and officers, but only if the claim does not result from wrongful acts during their tenure of service to an insured
• Retention starting at $0

Employment Practices Liability Advantages:

• Fair Labor Standards Act (FLSA) - $100,000 sub-limit for defense costs and loss
• Defense outside the limit if the insured has up to 200 employees with a $500,000 limit or higher
• Broad definition of claim, including any written notice received by an insured that any person or entity intends to hold such insured liable
• "For" wording applies to bodily injury/property damage exclusion
• Defense costs coverage for breach of express employment contract and modification of real property for ADA compliance
• Retaliation carve-backs for many exclusions
• Third-party harassment included automatically
• Retention starting at $1,000

Fiduciary Liability Advantages:

• Broad definition of claim, including any written notice received by an insured that any person or entity intends to hold such insured liable
• Coverage for such penalties under section 502 (i) and 502 (I) of ERISA and civil penalties under HIPAA's privacy laws
• Broad definition of loss
• Coverage for IRS voluntary settlement program

Business Resource Center:
Provides centralized access to business solution vendors for all policyholders. Solutions include:

• Human Resource Services
• Pre-Employment and Tenant Screenings
• Identity Theft Protection
• Marketing Resources

PLEASE REVIEW ALL POLICY FORMS AND ENDORSEMENTS AS LIMITS,
COVERAGES AND PREMIUMS WILL VARY BY CARRIER.

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Check out our website or give us a call for an application today!