As mounting economic uncertainty leads to new and increasingly complex business challenges for executives, Travelers Bond & Financial Products has unveiled new program enhancements and a Private/Mutual Insurance Company endorsement as part of its Travelers SelectOne for Insurance Companies product.
Travelers SelectOne offers broad, contemporary coverage, designed specifically for the needs of mutual and privately held insurers.
The new combination of coverage enhancements offers privately held and mutual insurance companies a protection for their assets while maximizing coverage in a loss situation, says Bob Dominiak, insurance company practice leader, Travelers Bond & Financial Products.
These program enhancements and new endorsement offer expanded coverage for executives of qualifying privately held or mutual insurance companies and are specifically designed to meet the difficulties presented by today’s turbulent economy.
This combination offers policyholders:
— Broader coverage for directors and officers, company reimbursement, and the company, which significantly enhances the coverage to directors and officers to protect their personal assets.
— Broader coverage for employment practices liability, including providing separately in the policy a sublimit of $1 million of coverage for Third Party Sexual Harassment.
— Extended coverage for fiduciary liability, including a sublimit for HIPAA Civil Penalties, and separately in the policy, a sublimit of $100,000 for Voluntary Compliance Program coverage.
— Enhanced coverage for insurance company professional liability, including final adjudication language for Fraud and Personal profit exclusions.
— Broader definition of loss, including prejudgment and post judgment interest.
— Identity Fraud Expense Reimbursement coverage with a sublimit of $1,000 per Insured Person.
Travelers SelectOne for Insurance Companies’ new program enhancements and the Private/Mutual Insurance Company endorsement are available in most states effective immediately.
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