Travelers Bond (www.travelersbond.com), a division of Travelers Property Casualty Corp., has expanded the coverage offered in its executive liability package policy, The Wrap(SM).
Available by endorsement, the new enhancements include expanded coverage for the employment practices, fiduciary liability and directors and officers liability coverages, as well as the addition of miscellaneous professional liability coverage (MPL). The Wrap is available for private companies and nonprofit organizations.
The Wrap is an executive liability package policy that allows insureds to combine employment practices, directors and officers, fiduciary liability, kidnap and ransom, fidelity/employee dishonesty and now, MPL coverage in one policy. Options include the ability to combine limits and the choice of purchasing coverage on a duty to defend or reimbursement basis.
Enhancements to The Wrap policy include a broadened definition of discrimination, coverage for alleged violations of the Family Medical Leave Act (FMLA) and a settlement clause that provides insureds with coverage for 70 percent of damages and defense expenses in excess of a settlement option rejected by the insured. Other enhancements to The Wrap’s employment practices liability coverage include coverage for damages equal to the value of stock options or other employee benefits as well as a 10 percent (10 percent) reduction in the retention in the event the first settlement offer is accepted.
Enhancements to The Wrap’s D&O coverage include the addition of employees (as co-defendants) and in-house counsel as insured persons as well as most favorable venue language for punitive damages. The fiduciary liability coverage enhancements include a separate limit for defense expenses and a sub-limit for settlement fees incurred under a voluntary compliance program.
Wrap policyholders also receive free access to risk management services. Clients with employment practices liability coverage can access Risk Management PLUS+ Online(SM), an Internet-based loss control program for employment risks.
In addition, those who purchase the kidnap & ransom/extortion coverage obtain free access to Control Risks Group, an industry leader in crisis management consulting.
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