The St. Paul Companies announced that it will begin offering a new product to insurance companies that incorporates a variety of management liability and professional coverages such as directors and officers liability, employment practices liability, fiduciary liability and insurance company professional liability.
In addition to the new management liability and professional products, St. Paul SelectOne(SM) for Insurance Companies’ portfolio of products includes the financial institution bond for insurance companies along with kidnap and ransom, general liability, auto liability, workers’ compensation, property and e-business coverages.
“We recognize that insurance companies face a variety of exposures from claim handling activities, to recovering from catastrophic losses to retention of employees,” said John Kearns, president, Financial and Professional Services. “With the SelectOne portfolio of products, insurance companies can purchase their management liability and professional coverages in one package, then add other coverages to meet their specific needs.”
Besides having the ability to package coverages under one policy, insurance companies can opt for one limit of liability rather than separate liability limits. The SelectOne(SM) for Insurance Companies product portfolio will be available on an admitted basis in most states. Coverage is available to property and casualty carriers, accident, health and life carriers, stock corporations, mutual companies, reinsurers, reciprocal exchange groups, risk retention groups, captive insurance companies and other risk-bearing organizations.
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