Management Liability Insurance (also known as “executive liability insurance”) covers directors, officers, managers and business entities against exposures that arise from governance, finance, benefits and management activities. This includes Directors and Officers (D&O) liability insurance, Employment Practices liability insurance (EPL), Fiduciary liability insurance, and “special crime” insurance (which covers kidnap, ransom, and extortion).
These coverages may be written as stand-alone insurance policies or combined into a single, “package” policy. “Package” policies usually contain a set of common conditions applying to all of the coverage lines purchased. In most cases, an insured must select a minimum of two types of coverage to be eligible to purchase a management liability “package” policy.
This arrangement is often significantly cheaper, because much of the information needed to underwrite the various policies is the same. “Package policies” are usually available only to privately held firms, not-for-profit organizations, and small, publicly traded companies (i.e. less than $25 million in annual sales). Large, publicly traded companies generally purchase stand alone policies.
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