Conversion endorsement will convert policy to a non-duty to defend policy
Zurich North America Commercial has introduced Not-for-Profit Select, a new policy for non-profit organisations. It is expected to offers a policy containing four independent coverage parts: directors and officers (D&O), employment practices liability (EPL), Fiduciary, and Crime.
According to Zurich, D&O coverage contains Retired Independent Directors Side A protection, Environmental Mismanagement Claims extension, A Special Extended Reporting Option, Enhanced Side A Coverage, and Inclusion of important carvebacks to certain exclusions.
EPL coverage part contains, Enhancements to definitions for employment practices claim, and employee, Third-party discrimination coverage and Whistleblower coverage. The fiduciary coverage part contains, Civil penalties pursuant to COBRA or HIPAA, Coverage for Voluntary Settlements and Defense Costs. The crime coverage part contains, Electronic data or computer programs restoration costs and Employee theft language.
Seraina Maag, president of Specialties business unit, Zurich North America Commercial, said: “We’ve talked with our brokers and producers, and incorporated many of their coverage requests in the new form. We believe Zurich is the first to offer coverage enhancements that up to now, were not available in the market.”
Vincent Tizzio, president of Zurich Integrated Products, said: “Working closely with our internal colleagues and proposition development team, we’ve enhanced outside position coverage, expanded definitions of claims, insured persons, loss and subsidiaries. We have also included important carvebacks to certain exclusions, including bodily injury/property damage.”
According to Mr. Tizzio, the policy is a duty to defend policy. A conversion endorsement is available that allows the policy to convert to a non-duty to defend policy.