Management Liability
Bond & Financial Products
Management Liability
Bond & Financial Products offer a broad array of executive liability and crime coverages that can be tailored to address your needs on a stand-alone or integrated basis.
Products and services
Directors and officers liability (D&O)
Why you need it Suits against directors and officers are most often filed by shareholders, but can be brought by competitors, customer, vendors and governmental and regulatory agencies. Allegations can include breach of duty, fraud, unfair business practices and infringement of trade secrets.
How D&O protects you This policy provides liability protection when claims are asserted against directors and officers for actual or alleged wrongful acts. The assets of the company or organization, as well as the personal assets of their directors and officers, are protected from costly litigation.
Employment practices liability (EPL)
Why you need it The number of employment-related lawsuits filed with state and local agencies is at an all-time high and steadily increasing: In 2007, EEOC handled nearly 82,000 charges.*
How EPL protects you This policy helps shelter company assets from employee lawsuits alleging discrimination, harassment or wrongful termination and other employment related claims.
Fiduciary liability
Why you need it Under ERISA, anyone who uses discretion in administering or managing employee benefit plans is a fiduciary and subject to strict standards of conduct, including a duty to act prudently and solely in the interest of plan participants and their beneficiaries. ERISA plan fiduciaries may be personally liable for any breach of their duties.
How fiduciary protects you Fiduciary liability insurance responds to claims made against employers, employee benefit plans, board members and employees for breaches of fiduciary duty with respect to employee benefit plans, including allegations of imprudent investment of plan assets, excessive fees paid to service providers, non-compliance with plan documents, and false and misleading statements to plan participants.
Miscellaneous professional liability (MPL)
Why you need it Today, more clients are bringing suits against business professionals than ever before. The defense costs for these claims are skyrocketing. While general liability policies will respond to claims for bodily injury and property damage, they typically exclude coverage for professional liability/errors and omissions.
How MPL protects them This policy guards business professionals from allegations of wrongful acts, such as negligence, misstatements, misleading statements, errors or omissions in services or failure to provide services.
Bond & Financial Products
Management Liability
Fidelity/employee dishonesty
Why you need it According to a 2008 report,* seven percent of business revenues are lost, on average, as a result of occupational fraud and abuse. The average small-business employee dishonesty scheme causes $200,000 in losses.
How it protects you This comprehensive crime policy protects businesses against the devastating financial losses caused by employee theft and forgery.
Identity fraud expense reimbursement (IFER)
Why you need it Identity theft is the fastest growing white-collar crime in America- over 8 million people are victimized each year. In a 2008 Identity Fraud Survey, individual victims reported over $5 billion in out-of-pocket expenses.**
How IFER protects you The coverage reimburses victims for lost wages, pre-approved attorney’s fees, long distance telephone charges, loan re-application fees and notary and certified mailing charges.
Tags: Management Liability
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