PRODUCTS: OneBeacon Management Liability for health care organizations, private companies and nonprofits
COMPANY: OneBeacon. Coverages can be underwritten by Atlantic Specialty Insurance Company, OBI National Insurance Company, Homeland Insurance Company of New York, and Homeland Insurance Company of Delaware.
BEST RATING: A (Excellent)
AVAILABILITY: Coverage is available through OneBeacon-appointed agents and brokers.
FOCUS: For health care organizations, which face complex challenges in both clinical and managerial settings, boardroom decisions can have a significant impact on financial health.
The business interests of private companies, meanwhile, vary widely, while nonprofit organizations face tight operating margins and the challenging task of upholding a mission while protecting directors, officers, board members, employees and volunteers.
OneBeacon has been offering management liability coverage since 2009, but its latest suite of primary policy forms delivers more comprehensive coverage to a broad range of all three types of organizations.
With updated directors & officers, employment practices liability, fiduciary liability and crime coverage, as well as brand-new offerings for employed lawyers professional liability and Information Risk and Recovery™ (cyber liability), OneBeacon’s management liability coverage now offers the convenience of a one-stop solution.
The modular policy approach is designed to minimize gaps in coverage, while providing flexibility to tailor solutions based on each client’s unique exposures, says Stacy Paquet, president, OneBeacon Management Liability.
COVERAGE DETAILS: Coverages can be packaged together or sold separately, and policies are written on an admitted basis.
The declarations page allows insureds to select product-specific sublimits, as well as type of claim defense—duty to defend or reimbursement. An additional aggregate limit for defense is available for the D&O, EPLI and fiduciary liability coverage sections for nonprofit organizations and private companies.
All liability coverage sections include options for either separate or shared limits; a voluntary mediation retention credit up to $25,000; and available e-discovery consultant services.
Additional product features vary based on the organization and type of policy selected.
UNDERWRITING: Requirements include a completed new business or renewal application, current financial statement and employee handbook. OneBeacon requires only one application for all coverages.
MINIMUM PREMIUM: None for nonprofits; $3,500 for health care organizations and private companies.
TARGET: Health care organizations, including miscellaneous medical facilities, long-term care facilities, physicians and medical groups, and small or rural hospitals; private companies of all sizes across industries including manufacturing, construction and trades, wholesale and retail trade, professional and business services, agriculture, and real estate; and nonprofit organizations of all types and sizes, including social and human service organizations, educational institutions, religious organizations, foundation and grant-making organizations, professional and trade associations, and museums, libraries and cultural organizations.
COVERAGE TERRITORY: Worldwide.
COVERAGE AVAILABILITY: All U.S. states.
CONTACT: Stacy Paquet, president, OneBeacon Management Liability; OneBeacon Insurance Group, 125 South Wacker Drive, 12th floor, Suite 1240, Chicago, IL 60606; 212-440-6521.
Jacquelyn Connelly is IA senior editor.
