SELECTIVE INSURANCE ENHANCES MANAGEMENT LIABILITY COVERAGE SUITE FOR NOT-FOR-PROFIT ORGANIZATIONS AND PRIVATE COMPANIES
Selective Insurance, based in Branchville, N.J., announced on February 8, 2023, an enhanced management liability insurance suite for not-for-profits and private organizations. This new offering includes expanded coverage features such as D&O Liability and EPLI, with unique enhancements like defense costs outside limits for not-for-profits and automatic inclusion of 3rd party liability. Jeff Weaver, Assistant VP of Management Liability Insurance, emphasized the need for flexible solutions to address litigation risks. Selective seeks to support organizations in managing staffing challenges and maintaining financial stability amidst inflation.
- Enhanced management liability insurance suite improves coverage for not-for-profits and private organizations.
- Unique features include defense costs outside limits for not-for-profits and broader definitions of 'insured persons'.
- Includes automatic coverage for new subsidiaries and enhanced EPLI coverage addressing modern discrimination claims.
- None.
The robust, modular-type policy provides flexibility in purchasing options and limits and can be tailored to each organization's unique coverage needs
"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
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.
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FAQ
What enhancements has Selective Insurance made to its management liability insurance suite for SIGI on February 8, 2023?
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What types of coverage are included in Selective Insurance's enhanced suite for SIGI?
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