Zurich has introduced Financial Institutions Select, a new management liability/professional liability policy, which includes more than 75 new coverage enhancements to respond to risks faced by the management of financial institutions.
The new policy offers ten coverage options such as management liability, excess side-A liability, private company securities, public company securities, employment practices liability, fiduciary liability, professional liability, lender liability, trust department liability and security and privacy protection.
According to Zurich, the new policy includes retired independent directors side A coverage that provides an additional level of protection for retired independent directors with personal side A coverage after all other insurance protection is exhausted; an environmental mismanagement extension that provides coverage for traditional management liability exposures such as securities claims, retaliation claims against insured persons, including non-securities misrepresentation claims.
The new policy also also includes non-rescindable side A coverage; guaranteed right to an initial public offering D&O insurance quotation; management liability coverage; and an e-discovery endorsement.
In addition, the Financial Institutions Select policy offers professional liability coverage that provides insurance for claims against the entity; an extended reporting period enhancement; run-off coverage and security and privacy protection.
Christopher Taylor, president of financial enterprises unit at Zurich North America Commercial, said: Zurich worked closely with brokers and customers to enhance our new menu-driven Management Liability policy and include the critical definitions and coverage options they requested. Financial Institutions Select is customizable and offers a broad array of coverages and additional options.
Zurich has decades of experience in working with financial institutions and has a dedicated team that studies their risks and creates solutions to help address them.”