Berkley Professional Liability, a Berkley Company, now offers a comprehensive primary private company management liability policy designed to address the growing exposures today’s private companies face.
PRODUCT: Primary private company management liability policy
COMPANY: Berkley Professional Liability writes on behalf of Berkley Insurance Company (admitted) and Gemini Insurance Company (non-admitted).
BEST RATING: Berkley Insurance Company and Gemini Insurance Company are rated A+ (Superior).
AVAILABILITY: Coverage is available on an open-brokerage basis.
FOCUS: Privately owned companies, their executives and their boards face significant legal liability for the decisions they make in the course of conducting day-to-day operations.
Claims against private companies and top leadership can come from a variety of plaintiffs and have the potential to be financially devastating.
Berkley Professional Liability, a Berkley Company, responds by expanding its product offerings to include a primary private company management liability policy. This comprehensive package policy offers coverage designed to address the growing exposures today’s private companies face.
“The private company form is meant to protect the company and its leadership from claims brought by competitors, customers, investors, creditors and employees,” explains Bill Dean, assistant vice president, head of private company management liability, Berkley Professional Liability.
Historically, “Berkley Professional Liability has been a leading public company and financial institution D&O market,” Dean points out. “This policy expands the product offerings at Berkley Professional Liability to provide cutting-edge insurance coverage to protect privately held companies and their leaders.”
COVERAGE DETAILS: Management teams can select one or more of the following coverage parts on a shared or separate limits basis: directors, officers and entity liability; employment practices liability; fiduciary liability; and crime. All coverages are available on a combined or standalone basis.
Coverage is fully non-rescindable and includes no professional services exclusion. Definition of loss includes punitive, exemplary and multiple damages where allowable by law. Additional highlights include:
- $1 million Side A reinstatement of limit
- Coverage for extradition costs
- Coverage for derivative demand investigations costs
- 90-day post-policy notice provision
UNDERWRITING: Maximum capacity is $15 million. Underwriting requirements include an application and financial statements.
MINIMUM PREMIUM: N/A.
TARGET: Privately held U.S.-based companies with annual revenues greater than $25 million. Nonprofits are eligible on an excess and Side A basis only. Financial institutions and health care risks are ineligible.
COVERAGE TERRITORY: Currently admitted in 39 U.S. states, with the goal of full 50-state admittance by mid-2019.
CONTACT: Bill Dean, assistant vice president, head of private company management liability, Berkley Professional Liability; 212-618-2946.
Jacquelyn Connelly is IA senior editor.