The robust, modular-type policy provides
flexibility in purchasing options and limits and can be tailored to
each organization's unique coverage needs
BRANCHVILLE, N.J., Feb. 8, 2023
/PRNewswire/ -- 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.
About Selective Insurance
Selective Insurance Group, Inc. (Nasdaq: SIGI) is a holding
company for 10 property and casualty insurance companies rated "A+"
(Superior) by AM Best. Through independent agents, the insurance
companies offer standard and specialty insurance for commercial and
personal risks and flood insurance through the National Flood
Insurance Program's Write Your Own Program. Selective has been
honored and awarded for its unique position as a leading insurance
group and employer of choice, including listing in the Fortune 1000
and three consecutive years as a certified Great Place to
Work®. For more information about Selective, visit
www.Selective.com.
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SOURCE Selective Insurance Group, Inc.