Business
SELECTIVE INSURANCE ENHANCES MANAGEMENT LIABILITY COVERAGE SUITE FOR NOT-FOR-PROFIT ORGANIZATIONS AND PRIVATE COMPANIES
The robust, modular-type policy provides flexibility in purchasing options and limits and can be tailored to each organization's unique coverage needs
About this update from Selective Insurance Group, Inc.
[{"type":"text","content":"The robust, modular-type policy provides flexibility in purchasing options and limits and can be tailored to each organization's unique coverage needs\nBRANCHVILLE, 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.\n\n \n \n \n \n \n \n\n \n\"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.\"\nBy 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:\nDirectors and Officers\nInclusive 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...