Coverage highlights include defense beyond the standard limits, automatic inclusion of third parties and full prior acts coverage.
PRODUCT: Selective Management Liability Insurance
COMPANIES: Selective Insurance Company of America
BEST RATING: A+
AVAILABILITY: Appointed agents and brokers only.
FOCUS: Recently, Selective announced that it has expanded its management liability suite to provide broadened coverage and flexible enhancement options to help protect organizations and their leaders from costly litigation. It includes additional directors & officers, employment practices liability and fiduciary liability insurance features.
“Not-for-profit organizations and private companies face daily challenges, from managing staffing issues and attracting and retaining experienced board members to maintaining budgets in the face of rapid inflation. In introducing these new features, we're trying to make sure that managing liability is one of the easier aspects of running a modern organization," says Jeff Weaver, assistant vice president, management liability insurance, Selective Insurance.
“Selective's enhanced suite of products provides additional flexibility and tailored solutions, helping not-for-profits and private companies better manage employment liability issues, protect leadership from litigation risks, and maintain their overall financial stability," Weaver says.
COVERAGE DETAILS: Coverage highlights include defense beyond the standard limits for nonprofits, additional defense limits for private companies, automatic inclusion of third parties with EPLI and full prior acts coverage.
Selective's form also includes:
- 365-day extended reporting window for some EPLI claims when the policy is renewed.
- Employment Practices Wrongful Acts expanded to include several additional perils.
- Broad definition of an insured person to include various positions.
- Additional limits that sit over the D&O limit dedicated to insured persons.
- Automatic coverage for newly formed or acquired subsidiaries.
UNDERWRITING: Rate factors include financial information for D&O, total employees for EPLI, and benefit plan assets for fiduciary liability. D&O coverage must be purchased to write the EPLI or fiduciary liability for nonprofits.
TARGET: Small and large private companies across a range of sectors and nonprofit organizations. Target classes include social service organizations, manufacturers, contractors, restaurants and retailers.
COVERAGE AVAILABILITY: AL, AZ, CO, CT, DC, DE, GA, ID, IL, IN, IA, KY, MD, MA, MI, MN, MO, NH, NJ, NM, NY, NC, OH, PA, RI, SC, TN, UT, VA, VT and WI.
CONTACT: Jeff Weaver, assistant vice president, management liability insurance; Selective; 973-948-1607.
Will Jones is IA editor-in-chief.