Selective Insurance, a leading business insurance carrier, announced today an expanded management liability insurance suite, providing not-for-profit and private organizations broadened coverage and flexible enhancement options to help protect them and their leaders from costly litigation. The new coverage includes additional features in Directors & Officers Liability (D&O), Employment Practices Liability (EPLI), and Fiduciary Liability, such as defense costs outside the limits for not-for-profits, additional defense limits for private companies, automatic inclusion of 3rd party liability with EPLI, full prior acts coverage, and more.
“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,” said 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.”
By keeping a pulse on societal shifts, Selective ensures broad protection for employee-related claims, management risk exposures, and how not-for-profits and private companies do business. Selective’s management liability insurance products include the following industry-leading enhancements for not-for-profits and private companies:
Directors and Officers
- Inclusive definition of “insured persons” that covers more individuals, including those who sit on boards, such as independent contractors, shadow directors, LLC managers, board observers, de facto directors, and other functional equivalents.
- Limits over the D&O limit dedicated to “insured persons”.
- Automatic coverage for newly created or acquired subsidiaries without any reporting requirement.
- Additional limits for Donation Assurance and Crisis Management Response Expenses for not-for-profits.
Employment Practices Liability
- Beyond basic coverage for wrongful termination, harassment, and discrimination, our form includes discrimination claims based on gender identity or expression, sexual orientation or identity, and genetic information.
- Enhanced coverage through endorsements, including sub-limits for Wage and Hour and/or Employee Privacy Claims and optional limits for Workplace Violence.
- Extended reporting window for some EPLI claims to 365 days after the policy period ends.
- Unlimited access to HR-related training tools and resources, including webinars, state-aligned policies and procedures, and more through Selective Human Resources Essentials®.
Fiduciary Liability
- Broad definition of “benefit plan” is designed to cover qualified and unqualified plans under ERISA.
- Definition of “employee benefit plan” covers a broad spectrum of plan options, including newly formed or created plans.
- Form provides different sub-limits for various oversight and compliance claims situations.
To learn more, visit Selective’s management liability insurance page.
For more such Updates Log on to https://fintecbuzz.com/ Follow us on Google News Fintech News
