ePolicy.com Insurance Services Inc. announced the launch of its nonprofit directors and officers (D&O) liability product, which the company states is the first in the industry allowing a nonprofit organization to purchase and receive a policy end-to-end via the Internet.
The policy is available in 48 states and is offered by Philadelphia Insurance Companies, a property/casualty insurance company that has insured nonprofit organizations for more than 10 years.
Online customers who buy the nonprofit D&O liability policy at ePolicy can conduct their entire purchasing process via the Internet, saving time and money.
Although policy terms and conditions vary according to each risk, Philadelphia’s policy generally covers directors and officers for claims alleging mismanagement of the organization. The policy also covers directors, officers, and the entity itself for claims alleging employment practices wrongful acts, which include discrimination, wrongful termination and sexual harassment. The product can provide defense costs outside the limits of liability and punitive damages are insurable where allowed by state and local law. All policyholders receive two hours of free legal consultation with a nationally recognized law firm. This consultation may be used to discuss situations that might lead to claims as well as policies and procedures that can be implemented to reduce the chances of a claim against the organization. In addition, the policy pays an accidental death benefit to the organization if an individual named by the organization suffers an injury during the policy period that results in a loss of life.
Eligible organizations include associations, religious organizations, foundations, libraries, museums and sports and social clubs. Available limits are $1 million, $2 million and $3 million, with retentions of $0, $2,500, $5,000 and $10,000. The minimum premium is $750.
Philadelphia Insurance Companies is rated “A+” (Superior) by A.M. Best Company, and “A” by Standard and Poor’s, and markets and underwrites specialty and casualty insurance products through 36 proprietary underwriting offices across the U.S. With more than $500,000,000 in assets, Philadelphia Insurance Companies is comprised of four insurance companies, two captive managing general agencies, a premium finance company and two general agencies.
ePolicy Inc. has formed two companies to provide and leverage insurance distribution technology. Insurance Technology Solutions Inc. provides turnkey technology that enables insurance providers to reap the benefits of utilizing the Internet. ePolicy.com Insurance Services, Inc. uses this technology to provide high quality insurance products to professionals and small businesses.
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